The General Government Subcommittee of the Senate Finance and Appropriations Committee recommended a consolidated funding allocation of $39,240 for two new fees for cryptocurrencies and artificial intelligence.
The Blockchain and Cryptocurrency Council, which is responsible for researching distributed ledger technology and expanding its use within the state, will receive $17,192 in general funds in 2025 and 2026. The AI-focused “Communications, Technology and Innovation Committee” will receive greater funding. $22,048 during the same period.
The proposed allocation comes as part of a larger $23.6 million allocation proposal to various departments.
Virginia’s Favorable Crypto Mining Proposal
Earlier this month, the Senate unanimously passed a bill amending Virginia law to establish the aforementioned Blockchain and Cryptocurrency Commission.
The state also recently introduced a cryptocurrency mining law, which is widely seen as beneficial to individual miners and cryptocurrency mining businesses. Specifically, the bill seeks to exempt cryptocurrency miners from the requirement to obtain a money transmitter license.
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