Virginia’s bill allowing banks in the state to provide custody services for virtual currency has already been approved by Gov. Glenn Youngkin.

According to Republican Delegate Chris Head, who introduced, the law, which will go into effect on July 1, will allow banks in Virginia to hold the keys to someone’s crypto wallet, according to the introduction.

Banks will have to have “adequate protocols” and “thoroughly study the risks,” the bill says.

“I think that this is a great way for our state and the rest of the country to start adopting cryptocurrencies,” said Democratic Party delegate Mark Kim. something that can have a physical aspect. You can go to the bank to deposit your virtual currency, and the bank will store it in a safe. Blockchain technology, banks are familiar to everyone.

Head, who introduced the bill, said that it would provide Virginia with a significant advantage:

“Cryptocurrency is something that everyone should pay attention to. This is a new economic asset, the popularity of which is growing and which has a significant potential for economic development. without speaking against.

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