HARRISBURG – The PA House passed a bill that would authorize the state to regulate virtual currency. Bill sponsor, Centre County Rep. Scott Conklin said he introduced House Bill 881 to ensure consumer confidence that exchanges made with digital currency are as safe and reliable as money transactions and are regulated in the same manner. Under current state law, virtual currency is not subject to the state’s Money Transmission Licensing Law, which regulates businesses that transmit money or credit. The bill would expand the law so that it covers virtual currency and requires that it be treated similarly to money transmissions under the act. Several other states already regulate virtual currency. The bill now heads to the state Senate for consideration.
REP. SCOTT CONKLIN