The State of Virginia is proposing the creation of an annual fund amounting to $39,000 to support the activities of two newly established commissions focused on cryptocurrencies and artificial intelligence. According to this plan, $22,048 is to be allocated to the commission for artificial intelligence and $17,192 for the commission dealing with cryptocurrencies.
Fund for AI and cryptocurrency innovation
Virginia has decided to provide a total of $39,240 to two commissions responsible for the development and oversight of the artificial intelligence and cryptocurrency sector. This step was taken following a recommendation from the Senate committee, aimed at supporting innovation and technological progress in the state.
Support for legislation and new technologies
In February, it was decided to allocate more than $23 million to various legislative departments, from which the newly established commission for blockchain and cryptocurrencies will receive $17,192 for the next two years. The Commission for Artificial Intelligence, also known as the Committee for Communications, Technology, and Innovation, will receive $22,048.
Tasks and goals of the commissions
The main mission of the commission for blockchain and cryptocurrencies is to study and formulate recommendations for the development of these technologies in Virginia. The commission will consist of members appointed no later than 45 days after the law is approved. The Commission for Artificial Intelligence, in turn, aims to create rules limiting the misuse of AI.
Legislative measures to support mining
Recently, a bill was introduced that would exempt domestic cryptocurrency miners from the need to obtain money transfer licenses, opening the door to simpler and less regulated digital asset mining. This legislation also allows individuals to deduct up to $200 per transaction from their capital gains, which supports the daily use of cryptocurrencies.
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