California State lawmakers have introduced a new bill to legalize blockchain contracts, signatures, and transactions. An American lawmaker serving in the California State Assembly, Ian Calderon wants blockchain contracts and transactions to be included in the California law. He says that these contracts cannot be denied as they are in digital form.
The assembly bill no. 2658, proposed by Calderon says,
“A signature that is secured through blockchain technology is an ‘electronic signature’ and even updated the term ‘contracts’ to smart contracts or self-executing pieces of code that trigger when certain conditions are met like, reaching a particular block number on blockchain.”
Once the bill is signed by the state governor, Jerry Brown and is passed in the assembly, its bill of Blockchain will come in force. The new bill aims to define blockchain storage recorded through blockchain itself. Even now, the government has the power to suspend licenses of any blockchain technology company that does not comply with the rules.
The bill also states that people who carry out the interstate and foreign commerce on blockchain technology i.e, through Bitcoin, Litecoin, Ethereum, Ripple and other cryptocurrencies, should have the rights to secure their own personal data on the blockchain.
Allan Hikens, a lawyer at a well-recognized firm in NYU says,
“It’s a good thing that the states in America accepting the change in a positive way and are laying out the proper rules and regulation for Bitcoin and Blockchain Technology instead of showing cowardice like others.”
California is going to be the latest one to implement a cryptocurrency regulation in America. Other states like Florida and Arizona have already passed a law to regulate cryptocurrency.
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