diff --git a/substrate/frame/staking/src/pallet/impls.rs b/substrate/frame/staking/src/pallet/impls.rs
index cd223c319ff3..fc7a7aa66c17 100644
--- a/substrate/frame/staking/src/pallet/impls.rs
+++ b/substrate/frame/staking/src/pallet/impls.rs
@@ -1159,8 +1159,38 @@ impl<T: Config> Pallet<T> {
 	}
 
 	pub(super) fn do_migrate_currency(stash: &T::AccountId) -> DispatchResult {
-		// we can't do anything for virtual stakers since their funds are not managed/held by
-		// this pallet.
+		if Self::is_virtual_staker(stash) {
+			// Funds for virtual stakers not managed/held by this pallet. We only need to clear
+			// the extra consumer we used to have with OldCurrency.
+			frame_system::Pallet::<T>::dec_consumers(&stash);
+
+			// The delegation system that manages the virtual staker needed to increment provider
+			// previously because of the consumer needed by this pallet. In reality, this stash
+			// is just a key for managing the ledger and the account does not need to hold any
+			// balance or exist. We decrement this provider.
+			let actual_providers = frame_system::Pallet::<T>::providers(stash);
+
+			let expected_providers =
+				// provider is expected to be 1 but someone can always transfer some free funds to
+				// these accounts, increasing the provider.
+				if asset::free_to_stake::<T>(&stash) >= asset::existential_deposit::<T>() {
+					2
+				} else {
+					1
+				};
+
+			// We should never have more than expected providers.
+			ensure!(actual_providers <= expected_providers, Error::<T>::BadState);
+
+			// if actual provider is less than expected, it is already migrated.
+			ensure!(actual_providers == expected_providers, Error::<T>::AlreadyMigrated);
+
+			// dec provider
+			let _ = frame_system::Pallet::<T>::dec_providers(&stash)?;
+
+			return Ok(())
+		}
+
 		ensure!(!Self::is_virtual_staker(stash), Error::<T>::VirtualStakerNotAllowed);
 		let ledger = Self::ledger(Stash(stash.clone()))?;
 		let locked: BalanceOf<T> = T::OldCurrency::balance_locked(STAKING_ID, stash).into();