The state of Virginia authorizes its banks to hold cryptocurrencies, while North Dakota is calling on Bitcoin miners to set up shop in its jurisdiction.
The adoption of the cryptocurrencies, continues to grow in the United States. The states of Virginia and North Dakota, which have shown interest in cryptocurrencies, have taken important steps in recent days to stimulate the development of the crypto industry within their territories and, thereby, strengthen the leadership of the United States in this technological and digital frontier.
In the state of Virginia, Bill No. 263, which authorizes commercial banks within its jurisdiction to offer cryptocurrency custody and storage services to their clients, It was signed this week by Governor Glenn Youngkin.
Virginia banks to hold cryptocurrencies starting in June
Youngkin announced that, As of June 1, the new law will come into effect, allowing banks to offer their new services.
The bill in question was introduced by legislator Christopher Head in January of this year and approved unanimously by members of the Virginia House of Representatives in early March.
The new law seeks to make it easier for state residents to access cryptocurrencies. However, to ensure the security and integrity of crypto users and investors, the newly passed law requires commercial banks to adopt necessary security protocols to secure their customers. Since, as custodians, banking entities are the ones that will maintain the private keys of the cryptocurrencies under its administration.
The state of Virginia will have a significant advantage over others with the adoption of cryptocurrencies, Christopher Head told The Block. “Cryptocurrency is something that everyone should pay attention to.”
The lawmaker expressed his enthusiasm for crypto assets, recognizing their potential for economic development and innovation. He also said that cryptocurrencies are a new emerging economic asset class that is rapidly growing in popularity.
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An invitation to mine bitcoins in North Dakota
Bitcoin miners get green light to mine cryptocurrency in America's 'happiest' state, according to Gallup-Healthways Well-Being Index.
North Dakota has extended an invitation to Bitcoin miners to establish themselves in its jurisdiction, offering cheap energy and efficient alternatives to extract cryptocurrency from the network in a sustainable way.
At the Bitcoin Conference 2022 in Miami, representatives of the state Department of Commerce said that North Dakota has the capacity to sustain crypto mining thanks to its large oil fields and abundant gas reserves, which guarantee a fairly low energy rate and also alternative and profitable energy sources. In addition to this, the state has a cold climate during the winter that is favorable for the development of crypto mining.
$3.000 billion in crypto mining projects
North Dakota wants to capitalize on the development opportunities presented in the crypto industry through Bitcoin mining.
During the conference, State Department of Commerce representatives announced that they have already insured $3.000 billion in investment commitments for crypto mining and they expect to commit another $3.000 billion to new projects focused on boosting this activity.
As reported by this outlet last month, oil giant Exxon Mobil is using its surplus natural gas to power several cryptocurrency mining rigs. ConocoPhillips, another oil giant, is doing the same in the Bakken region.
On the other hand, in May 2021, the city of Williston was the third in the country in implement payment for utilities using cryptocurrencies.
Of the 50 states that make up the United States, about 11 are promoting legislation and projects favorable to the crypto industry. These states include: Wyoming, Texas, Florida, Arizona, Colorado, Washington, South Dakota, Tennessee, Idaho, Virginia and North Dakota.
Continue reading: Exxon Mobil uses excess natural gas to fuel cryptocurrency mining
