Florida and Nebraska states have both received bills that could see regularization of use of blockchain ledgers and smart contracts.
The bill in Florida was introduced to by James Grant and Jackie Toledo by on January 9. Nebraska Legislature received the bill senator Carol Blood on January 3. The two bills further reflect the desire by many countries to regulate cryptocurrencies especially last and this year. However, the two statements are very confident on the use of the technology in boosting their economies and service efficiencies for the two states.
Grant and Toledo propose recognition of blockchain ledgers and smart contracts as legally-binding methods of data storage in Florida if the ledgers and contracts do not contravene current laws and regulations. Thus all records secure by blockchain should be treating as a valid form of electronic document.
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“A contract may not be denied legal effect or enforceability solely because of 1. An electronic record was using in the formation of the contract. 2. The contract contains a smart contract term.”
Blood want blockchain for notarization and the establishment of a document’s provenance.
“A smart contract or a contract that contains a smart contract provision may exist in commerce. Such contract shall not be denied legal effect, validity, or enforceability solely because such contract is a smart contract or contains a smart contract provision”.
The bill hopes to promote economic growth and business efficiency as well as Nebraska government by facilitating the electronic exchange of information and legally binding electronic transactions. To facilitate this electronic transfer, a state should establish means for ensuring that electronic transactions are legally binding and enforceable.
Cities and villages and counties cannot tax or regulate the use of blockchain according to this new bill.