Following the same path of Florida, now West Virginia is passing a House Bill 2585 according to which the bitcoin will be given a legal acceptance with an anti-money laundering bill.
The bill awaiting the approval of Governor Jim Justice. The approval of the bill will be the acceptance of new technology and digital currency will be notified as a monetary instrument. The house bill 2585 states:
“The purpose of this bill is to create criminal offenses relating to money laundering. The bill specifies two new felonies relating to Laundering criminal proceeds through financial transaction; and transportation, transmission, or transfer of criminal proceeds. The bill also provides for the forfeiture of proceeds involved or traceable to the laundering.”
The approval of the governor is pending for passing the House Bill. The Monetary Instrument as defined as the fiat currency. The same bill has been passed in the legislation and in the House by 78-21 vote during the senate session.
The Senator of West Virginia Joe Manchin once wrote a letter asking the regulators to ban the bitcoin in the country. In his letter, he mentioned:
“The clear ends of Bitcoin for either transacting in illegal goods and services or speculative gambling make me wary of its use,” Sen. Joe Manchin (D-W. Va) wrote in his letter back then. “I urge the regulators to work together, act quickly, and prohibit this dangerous currency from harming hard-working Americans.” -bitcoin.com
Many of the Western countries are in the list of regulating bitcoins and gaining control over the digital currency regarding stop the money laundering. Where some nation is preparing a platform of cryptocurrency as money instrument and tax, while other such as California is preparing licensing legislation for business.