California Presents A Bill On Bitcoin & Blockchain Regulation

There was introduced a new bill by California’s State lawmakers to legalize blockchain contracts and transactions. Ian Calderon, an American lawmaker from California State Assembly suggested to include blockchain contracts and transactions 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 state governor Jerry Brown signs the bill and pass to the assembly, it will come in force. The new bill has a purpose to define blockchain storage. Currently, the government has the authority suspending licenses of blockchain technology.

Allan Hikens, a lawyer at a well-recognized firm in NYU says, that accepting bitcoin and blockchain technology will be a good changes for states in America.

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.