As we continued to be mired in a world of FUD, traveling under the radar is some good news.
The Governor, Bill Haslam signed a bill into law on Thursday that officially recognized blockchain for electronic transactions and gave smart contracts legal rights.
Blockchain technology is defined in the bill as “any distributed ledger protocol and supporting infrastructure, including blockchain, that uses a distributed, decentralized, shared, and replicated ledger, whether it be public or private, permissioned or permissionless, and which may include the use of electronic currencies or electronic tokens as a medium of electronic exchange.”
This is exciting news. This new law makes cryptocurrencies a valid unit of exchange in the state of Tennessee. Essentially, it puts it on par with the USD in this regard.
We are starting to see pieces of legislation like this emerge from around the country. While the Feds have taken a mostly hands off approach (which is a good thing), the states are beginning to move to recognize cryptocurrency as a medium of exchange.
Wyoming recently established a new classification for cryptocurrency, specifically utility tokens and there are a number of other states with bills in their state houses.
The smart contract aspect of this law is also encouraging.
A smart contract is defined in the bill as an “event-driven computer program, that executes on an electronic, distributed, decentralized, shared, and replicated ledger that is used to automate transactions.” The bill notes that “no contract relating to a transaction shall be denied legal effect, validity, or enforceability solely because that contract contains a smart contract term.”
Essentially we see smart contracts placed at the same legal level as any other contract. This is important because the legal arena is based a great deal on precedent. Getting this on the "books" allows others to cite it for future legislation.
It is difficult to be patient with what is happening but it is going to take millions of actions on every level before blockchain and cryptocurrency reach their potential. When technologies go through the hype phase, it is usually because the excitement surrounding it takes place without the ground level work being completed.
When the hype "pops" and the media turns away, that is when the "real' work begins. This is a big reason why it is crucial to not watch the pricing action of STEEM but what is being developed and created. It is overwhelming to try and keep up with all that is taking place on this blockchain. Each day, it appears that there is something new.
And part of the process, unfortunately, is for the governmental entities to throw in their two cents and write laws for or against. It is good when we see laws that come out protecting blockchain and cryptocurrency. This helps to build a solid foundation.
If you found this article informative, please give it an upvote and resteem.
To receive the free basic income tokens you are entitled to and help end world wide poverty, please click the following:
Btc had disclose some country
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank for sharing!!!
Keep it up!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Nice to see that Tennessee passed the bill. Every little bit helps.
I won't have an update on the Arizona effort to accept 'BitCoin and other CryptoCurrency' for State Income Tax until tomorrow. Last report had it through the Senate and in committee in the House.
I'll let you know.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes Arizona hit the news wire too with the Senate passing it....from what I understand, if it goes through the House, the Governor will sign it.
That is encouraging.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
My update came late enough on Sunday that I'm a day later than I thought.
SB1091 is in the House Rules Committee scheduled for hearing today (Monday). I'd now put overall passage chance at a bit over 50%. If it makes it through committee I think it will pass. If passed the Governor will sign it.
Here is the text from the update I get. THEIR WORDS NOT MINE :)
"SB1091, sponsored by Sen. Warren Petersen (R-12), would allow the payment of income taxes using Bitcoin. US currency remains valuable in part because the government demands it in payment for taxes. Bitcoin, in contrast, has no intrinsic value at all (and hence an incredibly volatile price) and is highly susceptible to market manipulation. Arizona currently doesn’t accept any currency other than US legal tender. Why do this for the “naturally occurring Ponzi scheme” that is cryptocurrency? Its volatility would almost certainly have a negative effect on our state’s already cash-strapped revenue streams. Passed the Senate 2/8, with only Brophy McGee (R-28) crossing party lines. Ready for House Rules Committee, meets Monday. OPPOSE."
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I look at news like this and I wonder how can mainstream news spread so much FUD about crypto, when almost everyday we see good news.
Tennessee legalizes cryptocurrencies and with them more will do the same, they are the first showing that it is possible to complement regulation with "the future".
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This is a good news @taskmaster4450
The world of cryptosystem has finally started to see the light of the day. I know very soon some other form of transactions will be carried out through blockchain.
Tennessee really did well with this. No any form of panicking again.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
We are living in interesting times. The birth of a new asset class that's going to change the world in our lifetimes. I'd say we are very fortunate for that. All these legalization efforts are not because of the pureness of their hearts, they have come to realize that crypto is a genie they can't put back in the bottle so there's no point in fighting it! They are going to tax it and regulate it like everything else.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
The ball's rolling... Such positive legislative news is far more important in the long run, as such legislations will set the long term tend towards large scale adoption, far more important than the sensationalism that we usually see in media.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Almost 7 million people are under legal jurisdiction, at least, at least according to the state, to use cryptocurrency as legal money.
That is a big step...now to add another 50M or 75M more in the US.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks for the post. Crazy to think this is already happening but it's great news. Let's hope that this starts a domino effect and other states/legislation start to adapt and move forward with this or at least start the conversation.
My biggest concern would be if everything goes through and then let's say there's a government problem where they need "their share" or if execution becomes messy or just anything detrimental happens while going through with this, and that turns into a media war against crypto... Let's keep our fingers crossed and see.. Thanks for the update!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Beautiful cryPto currency..
Thanks for sharing..
I like it..
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
They make Bitcoin sound like a drug
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think most governments will need to consider participating in the space and/or support it because the technology will innovative many industries include their own administrations given the efficiencies available. If they refuse to do so, they will risk the teams and projects leaving their countries to go to one that will support it which will out them at a competitive disadvantage for their economies. This would even apply in states within the US as each could have its own regulation.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
wonderful post..
thanks for sharing..
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Very informative post. This bodes well for the future of cryptocurrencies I think. The States are the incubators of change, and if they start leading then others will follow. Great work, keep it up. Resteemed!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hi @taskmaster4450
This surely is great news! If the war on Bitcoin was not as fierce the market would have been a lot stronger but I agree building a sound foundation is not something that is done overnight.
Thanks for the information, I'll definitely use it in my next blog on War on Bitcoin
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Such news are always a great pleasure. And "under the radar" is good, they still produce effects. Drip by drip.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
We just need a couple more states and some time. The rest will join. Even banks and governments.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes the banksters and government are going to embrace it, just like the newspapers and magazines embrace the Internet and websites.
And it eventually destroyed most of them.
We see this happen repeatedly with the Internet, embracing it ultimately destroys companies....as I said when the Internet comes to your business, you are cooked.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
im so confused by this.... how do they not see the storm coming for them?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Very nice crypto currency
I like it your every Post
Thanks for sharing......
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Finally a good news! I hope that other states will follow that lead.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Looks tastYour amazing post is verry good,you deserve something valuable in esteem..
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Sir thanks for your valuable thought share.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Change in the States seems to be happening very rapidly. Hopefully this year, taxes where I live will just be normal and not need extra work.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Why do we even need their ( states and government) approval about Cryptocurrency use use in general? They should not be meddling in the Decentralized block chain and currencies any way...imo
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
thnx for sharing keep doing it :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Nice! The list of states legalizing crypto is growing. That's OK in my book. Upvoted!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I attend as an expectant to a change of paradigm important for all.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit