North Carolina discusses virtual currency bill

According to a committee document, the current MTA, enacted in 2001, regulates non-bank entities that operate in the business of transmitting funds on behalf of others.

SB680 addresses the transmission of virtual currency such as Bitcoin, excludes certain business-to-business money transmission activity, revises the cost structure by replacing the examination and annual renewal fees with an annual assessment based on North Carolina transmission volume, and converts the annual license into a perpetual license.

The SB680 document includes the following definition of virtual currency: “A digital representation of value that can be digitally traded and functions as a medium of exchange, a unit of account, or a store of value but only to the extent defined as stored value under G.S. 53-208.42(19), but does not have legal tender status as recognized by the United States Government.”

Even if the clause may be helpful for those who know for certain whether they will need a license or not, industry experts are questioning the status of all the other applications of cryptocurrencies that are pushing the envelope and spurring innovation, according to coinreport.net.