Hawaii virtual currencies (HV) are now becoming a reality, with new legislation allowing them to be used as a legal form of payment in some states.
Hawaii is the latest state to embrace the digital currency, which was first created in 2011 and has been around for more than a year.
A virtual currency is a digital token that can be exchanged for goods and services.
They typically are used to buy and sell virtual goods and other virtual services.
Hawaiian lawmakers have been debating whether virtual currency should be legal tender.
The proposed legislation would allow for a virtual currency to be issued by the state of Hawaii.
It would also allow for the issuance of a virtual coin that would be redeemable for real currency.
The new legislation would make it a felony to manufacture, distribute, transport, sell or distribute any virtual currency.
Hawakian lawmakers want to create a regulatory structure to create incentives for businesses to adopt the new law.
The legislation also would require virtual currency businesses to obtain a license from the state.
Hawthorn’s law enforcement department has received several reports of illegal activity involving HV coins being exchanged for real money, according to the bill.