A new legislation has been filed by a state senator in the US state of Virginia. This legislation demands a mandatory impact study on cryptocurrencies. Glen Sturtevant introduced this new bill which would result in the launch of a study. If the bill gets approved, Glen Sturtevant would be liable to conduct the study on how the growth and of cryptocurrencies is impacting the daily life of Virginians.
The bill text goes like this;
‘…if it determines that the establishment of such a system is appropriate, then the Commission must identify the legislation that would establish the system. The State Corporation System shall complete its study and report the findings to the members of the General Assembly by December 1, 2018.’
The system mentioned in the text refers to the establishment of a system where the security of the citizens is ensured from the adverse effects of cryptocurrency transactions. The study, if conducted would be the first study to establish such a system, says Sturtevant.
However, no one can predict which rules and regulations the State Corporation Commission would come up to. How far the impact study would go for its approval and how would it affect Virginia’s state-based money transmission business based on cryptocurrency, are the facts the entire state is waiting to witness.