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For clarification, this is what it actually allows: > In general, H.B. 263 “permits banks in the Commonwealth to provide virtual currency custody services so l
by PretzelPirate 5y ago
For clarification, this is what it actually allows:
> In general, H.B. 263 “permits banks in the Commonwealth to provide virtual currency custody services so long as the bank has adequate protocols in place to effectively manage the associated risks.”
There are already many large financial institutions looking into this, so it makes sense for Virginia to allow it as long as financial risk management is properly planned.
- withinboredom 5y agoYes. But now they can mint their own coins and be custodians of those coins. It’s the easiest way to manage risks.
- moltke 5y agoI think this could be very good for Virginia. It gives them a significant amount of independence from the Federal Government.
- withinboredom 5y agoIs that a feature you really want in a bank though?
- moltke 5y agoYes, I think the local banks will serve the interests of the local people better.
- withinboredom 5y agoIf a bank is independent of any government, then the government can’t control the flow of currency to prevent runaway inflation. It can’t do things it needs to do. You don’t want an “independent” bank. A bank has always been a safe way to store assets (gold, trusts, etc) and I think as long as the bank is storing “virtual currencies” nothing really changes. It’s when it allows you spend those currencies like cash that it will probably become a problem.
- moltke 5y agoThis is already the case with the bank that issues the Dollar.