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The total value of all bank accounts must be verified at the time of application and at each redetermination. Bank accounts must be verified by documentation obtained directly from the financial institution. In addition to using a bank collateral form, monthly account statements can be utilized to verify bank account balances. 2615.10.05.05 BUSINESS ACCOUNTS (MED 1, 4) When funds are in a bank account that has been properly identified as a business account, it is assumed that the funds are being used for the operation of the business and are not counted as a resource. If a business account is not clearly distinguishable from personal resources, such funds must be considered personal resources when determining resource eligibility. 2615.10.05.10 DEDICATED ACCOUNTS FOR INDIVIDUALS UNDER 18 (MED 1, 4) When past-due SSI benefit payments are paid into a separate dedicated account established solely for the payment of past-due SSI benefits for an individual under 18, these benefits are to be excluded as a resource until all funds in the dedicated account are depleted or until the individual no longer receives benefits from the Social Security Administration (SSA), whichever occurs first. This exclusion continues in any of the following situations:12 • When the child turns 18 years of age and continues to receive benefit payments from the SSA • If the individual receives a new representative payee for the dedicated account • During periods when benefits from the SSA have been temporarily suspended. A dedicated account may be a checking, savings, or money market account. A dedicated account cannot be in the form of certificates of deposit, mutual funds, stocks, bonds, or trusts. However, if the lump sum(s) of past due benefits are deposited into either a Special Needs Trust or a Pooled Trust described in section 2615.75.15, the resources in that trust would be exempt. 2615.10.05.15 VIRTUAL CURRENCY For MED 1 and 4 budgeting, virtual currency, otherwise known as cryptocurrency, is a not exempt and is a countable resource in the Medicaid budget.13 While it is not considered legal tender, it can be used to purchase goods and services. Some virtual currency, such as Bitcoin or Litecoin, can be exchanged for real currency. The current market value (CMV) of the virtual currency is counted as a resource. For the purposes of determining Medicaid eligibility, at the time of the interview or redetermination, the applicant/member needs to provide a current account statement showing the number of virtual coins owned. All virtual currencies for which are listed on the exchange should be determined using that exchange. If the virtual currency is not held on an exchange, utilize “Coinbase” at the following web address: https: