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West Virginia is considering a new bill which would add cryptocurrency to the list of illegal money laundering methods.
West Virginia lawmakers are considering a new bill which would make money laundering in cryptocurrency a criminal offense.
West Virginia House Bill 2585, which has already gained wide support from representatives, is now sitting before the West Virginia House Judiciary Committee for further consideration.
In the text, the bill’s eleven sponsors make specific reference to cryptocurrency as one of the means by which money laundering could occur.
The bill states, “laundering through financial transactions” and “transportation, transmission, or transfer of proceeds” are two areas set to receive additional legislation.
“‘Cryptocurrency’ means digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds and which operates independently of a central bank.”
Also, mooted is forfeiture of any proceeds resulting from asset seizure should parties fall under the jurisdiction of the new laws.
Cryptocurrency assets could thus be legally confiscated by law enforcement.
West Virginia is one of a number of US states tweaking their approach to cryptocurrency at present. Cointelegraph reported this week that California is currently considering a bill which would make it illegal to purchase charity raffle tickets with cryptocurrency in an unusual amendment.
At the same time, North Dakota lawmakers have opted for a general hands-off approach to crypto regulation until the requirements of business in the state become more apparent.
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