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Virginia Crypto: Can Commission Crack Code on a Budget?

Last Updated February 20, 2024 12:45 PM
Teuta Franjkovic
Last Updated February 20, 2024 12:45 PM
By Teuta Franjkovic
Verified by Peter Henn

Key Takeaways

  • The Virginia crypto commission gets $17,000 a year, raising eyebrows about its capabilities.
  • The commission gets less than the state’s AI commission and even autism council, sparking priority questions.
  • Despite they shoestring budget, it will study blockchain and guide state policy in a dynamic field.

Virginia has earmarked  a surprisingly low budget of $17,192 for its Blockchain and Cryptocurrency Commission for the fiscal years 2025 and 2026.

This funding for the commission’s research and formulation of recommendations on the use of blockchain technology.

Virginia’s Crypto Commission Gets Peanuts: $17k Budget Raises Eyebrows

This funding initiative  is part of Virginia’s broader strategy to embrace and integrate emerging technologies into its infrastructure. This is a commitment highlighted in a report published on Sunday.

During the same period, the Artificial Intelligence Commission will  receive $22,048 annually, while the Virginia Autism Advisory Council has an annual budget of $12,090. This allocation is intended for the Council to distribute funds among various state commissions, supporting a wide array of initiatives from technological advancement to healthcare improvements.

Virginia Launches Blockchain and Crypto Commission in 2024

In the 2024 legislative session, Virginia established a new Blockchain and Cryptocurrency Commission , integrating it into the legislative branch with a 15-member team.

This commission will explore the potential uses of blockchain technology and digital assets. As a result, it aims to shape the state’s future policies and recommendations in this rapidly evolving sector.

The funding should ensure  smooth operation, covering essential expenses such as travel for meetings.

RS Clarifies Tax Treatment of Cryptocurrencies as Property

In March 2014, the IRS announced  that cryptocurrencies like Bitcoin are classified as “property” for tax purposes, not as currency. This classification mandates comprehensive record-keeping by cryptocurrency holders for tax reporting, including tracking purchases, sales, and mining activities.

Cryptocurrency transactions are subject to capital gains  or ordinary income taxes based on the holding period. Changes to the Internal Revenue Code, effective January 1, 2018, further specify that exchanges of cryptocurrencies for other cryptocurrencies trigger taxable events, emphasizing the need for meticulous documentation of all virtual currency transactions.

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