diff --git a/golang/cosmos/x/vbank/keeper/keeper.go b/golang/cosmos/x/vbank/keeper/keeper.go
index d6f948356e5..4e2932d8bfd 100644
--- a/golang/cosmos/x/vbank/keeper/keeper.go
+++ b/golang/cosmos/x/vbank/keeper/keeper.go
@@ -93,7 +93,7 @@ func (k Keeper) IsAllowedMonitoringAccount(ctx sdk.Context, addr sdk.AccAddress)
 }
 
 func (k Keeper) GetParams(ctx sdk.Context) (params types.Params) {
-	k.paramSpace.GetParamSet(ctx, &params)
+	k.paramSpace.GetParamSetIfExists(ctx, &params)
 	return params
 }
 
diff --git a/golang/cosmos/x/vbank/keeper/migrations.go b/golang/cosmos/x/vbank/keeper/migrations.go
new file mode 100644
index 00000000000..360d691bd61
--- /dev/null
+++ b/golang/cosmos/x/vbank/keeper/migrations.go
@@ -0,0 +1,30 @@
+package keeper
+
+import (
+	"github.com/Agoric/agoric-sdk/golang/cosmos/x/vbank/types"
+	sdk "github.com/cosmos/cosmos-sdk/types"
+)
+
+// Migrator handles in-place store migrations.
+type Migrator struct {
+	keeper Keeper
+}
+
+// NewMigrator creates a new Migrator based on the keeper.
+func NewMigrator(keeper Keeper) Migrator {
+	return Migrator{keeper: keeper}
+}
+
+// Migrate1to2 migrates from version 1 to 2.
+func (m Migrator) Migrate1to2(ctx sdk.Context) error {
+	params := m.keeper.GetParams(ctx)
+	if params.AllowedMonitoringAccounts != nil {
+		return nil
+	}
+
+	defaultParams := types.DefaultParams()
+	params.AllowedMonitoringAccounts = defaultParams.AllowedMonitoringAccounts
+	m.keeper.SetParams(ctx, params)
+
+	return nil
+}
diff --git a/golang/cosmos/x/vbank/module.go b/golang/cosmos/x/vbank/module.go
index 4f982f030ed..0d755d6a60b 100644
--- a/golang/cosmos/x/vbank/module.go
+++ b/golang/cosmos/x/vbank/module.go
@@ -91,7 +91,7 @@ func (AppModule) Name() string {
 	return ModuleName
 }
 
-func (AppModule) ConsensusVersion() uint64 { return 1 }
+func (AppModule) ConsensusVersion() uint64 { return 2 }
 
 // BeginBlock implements the AppModule interface
 func (am AppModule) BeginBlock(ctx sdk.Context, req abci.RequestBeginBlock) {
@@ -204,6 +204,12 @@ func (am AppModule) RegisterServices(cfg module.Configurator) {
 	tx := &types.UnimplementedMsgServer{}
 	types.RegisterMsgServer(cfg.MsgServer(), tx)
 	types.RegisterQueryServer(cfg.QueryServer(), am.keeper)
+
+	m := keeper.NewMigrator(am.keeper)
+	err := cfg.RegisterMigration(types.ModuleName, 1, m.Migrate1to2)
+	if err != nil {
+		panic(err)
+	}
 }
 
 // InitGenesis performs genesis initialization for the ibc-transfer module. It returns