Legislation was guided by Clift & Co, a full-service government affairs firm specialising in emerging technologies
The US state of Nevada, has signed legislation intended to validate use of blockchain technology in the state.
The move described as “ground-breaking” makes Nevada one of only a few states in the US to recognise and authorise the use of blockchain.
The bill, signed by state governor Brian Sandoval, is the first of its kind and supports business investment by prohibiting local governments from imposing taxes or fees on blockchain use. The law will become effective immediately.
In the text of the bill, blockchain is clearly defined as “an electronic record of transactions or other data which is: 1. Uniformly ordered; 2. redundantly maintained or processed by one or more computers or machines to guarantee the consistency or nonrepudiation of the recorded transactions or other data; and 3. Validated by the use of cryptography.”
Ben Kieckhefer, Republican senator and assistant minority leader introduced Senate Bill 398 which encourages innovation in blockchain technology on March 30, 2017. The bill defines blockchain and protects blockchain transactions under the state’s Uniform Electronic Transactions Act.
“The potential uses of blockchain are limitless, and I’m confident Nevada’s entrepreneurs will find ways to use this technology to innovate and drive our economy forward,” said Kieckhefer. “I can’t wait to see what comes next.”
Several Nevada-based business leaders have expressed strong support of the bill, including Allison Clift-Jennings, founder and CEO, Filament, a leader in industrial applications of IoT and blockchain technology.
“Governments can be slow to adopt and digest this sort of technology,” said Clift-Jennings. “Nevada is setting a precedent for how states should be approaching blockchain right now. I believe it will be instrumental in attracting top technologists and startups to the state. It’s really exciting to be at the forefront of that change.”
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