[2017-04-29] West Virginia Bill Aims to Define Bitcoin as a Monetary Instrument

[tyz]

West Virginia Bill Aims to Define Bitcoin as a Monetary Instrument

West Virginia bureaucrats are moving forward to define bitcoin and other digital currencies with an anti-money laundering (AML) bill. The state’s latest House Bill 2585 will add bitcoin to the regions’ AML statutes defining virtual currencies as a ‘monetary instrument.’

https://news.bitcoin.com/west-virginia-bill-define-bitcoin-monetary-instrument/

[Qartada]

They're trying to give themselves legitimacy by looking like they're helping Bitcoin out somewhat.  It means that some people will see this as progress even though the only reason they're doing this is so they can get away with charging taxes and regulating exchanges more heavily so that it's actually harder to buy and use Bitcoin.

It's better off as an asset.  Bitcoin doesn't need approval from governments.

Or the feigned acceptance of the US.

[Razielle]

Other states are currently considering very similar moves. I agree completely with what the poster has said above about this being a disingenuous, cynical, money grabbing technique.

[pixie85]

They aren't helping, they are probably afraid of Bitcoin financing terrorism. There are similar fears in Europe and as a result we are losing the ability to use unregistered burner phones and exchanges are slowly being pressured into not allowing Bitcoin - Fiat conversion without sharing personal details like an ID scan.

[BitcoinPanther]

They aren't helping, they are probably afraid of Bitcoin financing terrorism. There are similar fears in Europe and as a result we are losing the ability to use unregistered burner phones and exchanges are slowly being pressured into not allowing Bitcoin - Fiat conversion without sharing personal details like an ID scan.

Well here goes the the saying, "if you cannot beat them, join them".  It seems they already acknowledged and accepted that they will get hard time killing Bitcoins, instead they have decided to adopt it to implement their laws and control it from within, at least this time through exchanges.  It may not be for Bitcoin's sake but it really help Bitcoin to get acknowledgement as currency, thus making those who do not really know bitcoin at peace in using it.

[renfangfua]

This is all about taxes. West Virginia has a huge gambling casino that the state profits from. So they are not really concerned about hard working Americans getting harmed by gambling. Those are just typical scare tactics. They have to scare you to get you to agree to give up some of your freedoms so that can pretend that they are protecting you.

[olyaru]

This is all about taxes. West Virginia has a huge gambling casino that the state profits from. So they are not really concerned about hard working Americans getting harmed by gambling. Those are just typical scare tactics. They have to scare you to get you to agree to give up some of your freedoms so that can pretend that they are protecting you.

Most likely they want to legalize their income To avoid punishment. Only the fact is that they will lose much less than the Bitcoin user.

[achow102]

This is all about taxes. West Virginia has a huge gambling casino that the state profits from. So they are not really concerned about hard working Americans getting harmed by gambling. Those are just typical scare tactics. They have to scare you to get you to agree to give up some of your freedoms so that can pretend that they are protecting you.

Most likely they want to legalize their income To avoid punishment. Only the fact is that they will lose much less than the Bitcoin user.

I also think that there is some kind of secret scheme. And what they say in the newspapers is just a cover, and in fact there are completely different goals