In the middle of all the Crypto antagonism shown by various governing bodies, California’s stance to include blockchain technology in it’s existing laws on electronics and smart contracts, is an unexpected stance.Ian Calderon, member of the assembly, declared the Assembly Bill of California 2658, which promotes a blockchain-friendly nation.
Along with California, Arizona and Wyoming have also taken action to be technologically advanced and promote greater chances of blockchain usage.
California’s population being one-eighth of the entire United States, could set an example in the process of flourishing the Cryptocurrencies .The existing law has been revisioned and the new bill, under Uniform Electronic Transactions Act, has considered, turning the electronic record secured by blockchain legal.
Local governments of the state have also decided to utilize blockchain technology to gain better efficiency and advancement. Partnership with Neighborly, a technological start-up is the first step by Berkeley and Calif to launch blockchain and raise money for further projects.
Here are some of the revisions, as per the bill.
“The definition of “electronic” record and “electronic signature” would be expanded to encompass those secured via the blockchain”
“The legal definition of “contract” would be expanded to encompass a smart contract”
“Dataownership/use would extend to someone performing interstate or foreign commerce on the blockchain in California “with respect to that information as before the person secured the information using blockchain technology.“
California’s neighbouring state Arizona has also initiated the promotion of blockchain technology. Last year, Arizona Governor, Doug Ducey approved a bill into a law which affirms a similar idea to that of California. The idea is to make electronic signatures and smart contracts using blockchain, valid. Another law and Bitcoin shall be legally accepted mode of paying taxes, in Arizona.
The Florida Senate has also generated a similar bill to turn blockchain technology, enforceable and legal. With all these states making room for blockchain in it’s laws and bills, Crypto’s journey to Washington DC is just a matter of time.