Blockchain

A Blockchain bill has been officially signed into the state law of Arizona

As per revealed by a legislation tracker on April 3rd, a bill permitting firms to hold and share data via a distributed ledger was officially signed into Arizona state law by Governor Doug Ducey.

The Arizona House of Representatives passed HB 2603 with 56 in favour of the bill, 3 not agreeing, and 1 not present at the time. The Arizona Senate went on to pass the bill unanimously.

The bill was first introduced as an amendment to the Arizona Revised Statutes by Rep. Jeff Weninger back in February, one of three bills targeting “to open the door for evolving technologies in Arizona.”

The third reading in the Arizona Senate for both the HB 2602 and HB 2601 are yet to be done. The former would forbid towns from limiting cryptocurrency mining in residences, while the latter intends on addressing securities and crowdfunding, recognize a “virtual coin” as “a digital illustration of value”, and sanction its function as a medium of exchange in digital trading.

Weninger has come up with such measure to counter the current scenario where robust regulatory moves have been implemented, by the state to perceive and delimit uses of Blockchain technology. As it was reported by Cointelegraph, back in March, the Arizona Senate passed SB 1091, which would enable state residents to use Bitcoin as a payment option to pay their taxes.

Back in April 2017, Blockchain signatures were legalized and the enforceability of smart contracts was also recognized by the HB 2417.

Currently, Arizona’s Revised Statutes specify that data “written” and stored on Blockchain technology is “immutable and auditable and delivers an uncensored fact.”

State governments have been issuing liberal legislation on cryptocurrencies and Blockchain technology all across the United States of America.

Back in March 2017, crypto traders were exempted from money transmission regulations in New Hampshire.

Also this year Wyoming made some specific  Blockchain tokens accessible and free from securities regulations, while also going on to exempt virtual currencies from state property taxation.

About the author

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John Mathhew

John Mathhew – The content head at Bittflex, he has done her PHD in English literature and masters in finance as well, he was introduced to the blockchain and crypto industry during her college time spending hours searching over the internet and was extremely fascinated and then took on the pace and started writing her own finance and crypto blogs. He has all the information on the subject we required and her writing skills are just fantastic. He really expresses herself beautifully through each and every article he delivers.

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