Blockchain bill in the state of Ohio was introduced in the House of Representatives that urged the state to adopt blockchain technology. The bill is also focused on bitcoin and the benefits of adopting cryptocurrency. The Republican state representative Rick Carfagna sponsored the bill according to the findings in our altcoin news below.
The new House Bill 220 is a part of the state’s plan to create an improved legal framework for blockchain technology and distributed ledger technology in general. The representative Carfagna, however, didn’t make any more comments on the bill. This new legislation will enable the establishment of online transactions to record that will be decentralized such as car titles or licenses.
The blockchain bill in Ohio is a part of the efforts of the government to become a more crypto-friendly state in order to also attract tech entrepreneurs and to transform the state in the new blockchain hub. Back in 2018, the governor John Kasich signed a blockchain bill that recognized the use of blockchain-based transactions. The same bill made Ohio one of the first states in the United States to provide legal protection for companies that are willing to find new use cases for the blockchain technology.
Also, in November 2018, Ohio was the first state to allow businesses to pay their taxes using Bitcoin. The state also made a partnership with the payment processor BitPay in order to manage crypto payments and conversion to dollars. The idea came right after the Republican state treasurer Josh Mandel expressed his support for bitcoin claiming it is a legitimate form of currency. This is also one contributing fact for delivering the blockchain bill over the past week.
Earlier in April, The Republican Congressman Warren Davidson who is also a proclaimed bitcoin supported, introduced another blockchain bill on a federal level that aims to exempt ICOs and cryptocurrencies from the US securities laws. As previously reported in our latest cryptocurrency news, the Token Taxonomy Act was created to specifically exclude cryptocurrencies from securities laws.
Rep. Warren Davidson was quoted on the importance of crypto regulation and the blockchain bill:
“In the early days of the Internet, Congress passed legislation that provided certainty and resisted the temptation to over-regulate the market. Our intent is to achieve a similar win for America’s economy and for American leadership in this innovative space.”
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