HARRISBURG, Penn.—A legislative effort in Pennsylvania to update the state’s definition of money to cover digital currencies was reportedly stalled last year due to an ongoing budget impasse.
In an interview with The Herald-Mail, state representative Adam Harris (R-82nd District) said that planned hearings on a bill filed last March fell to the wayside amid a budget dispute between the state legislature and Gov. Tom Wolf.
“One interesting issue that the Commerce Committee has been working on is an update to the 'money transmitters' section of state law as it relates to virtual currency such as bitcoin. It has been a fascinating and complex issue to study, but unfortunately with the budget impasse, we have had to cancel hearings we were planning to have on this issue," Harris told the Herald-Mail.
Harris suggested that lawmakers are weighing both the technology's use today as well as potential applications in the years ahead.
"The biggest question to me is whether this is simply a passing fad or a legitimate currency that will radically alter the way we do banking and make payments in the future," he told the publication.
According to the draft text of the bill, the updated definition of money would mean a unit that "is generally recognized as a medium of exchange and shall include any form of virtual currency."