A Question about If Cryptocurrency is Countable for TANF Eligibility
A representative from the Virginia Department of Social Services (VDSS) would like to know if any other states or tribes deem virtual currency countable for TANF eligibility and if so, how are they implementing this? If VDSS were to do this, they would need to update their state program guidance to reflect how it would be countable. In addition, their state's cash management system would need to be updated to automatically convert virtual currency to US dollars when program participants indicate receipt of income with virtual currency.
Record Type:
Question / Response(s)
Date:
May 2022
Source:
OFA Peer TA
Agency/Organization:
Virginia Dep. of Social Services/Economic Assistance and Employment
State:
Virginia
Topics/Subtopics:
- TANF Program Administration
Comments
The Office of Family Assistance (OFA) convened a set of discussions in May and June 2022 with the PeerTA team and Virginia Department of Social Services (VDSS) staff to determine if virtual currency is deemed countable for TANF eligibility. During these meetings, documents on this topic from Pennsylvania and North Dakota were reviewed. Based on the information received from OFA and others, a VDSS representative indicated that VDSS will proceed in viewing cryptocurrency as income if a TANF participant receives it from their employer.
OFA appreciates that VDSS has raised this issue and will provide further information as received.