Washington Introduces new Bill to Recognize and Encourage Blockchain and DLT Development

Washington State Senate has introduced a new Bill that recognizes the validity of Blockchain and Distributed Ledger Technology. By amending the current legislation the bill aims to encourage the development of Blockchain technology.

The new bill 5638 was introduced on January 25th by four Republican Washington State senators Sharon Brown, Ann Rivers, Randi Becker, and Shelly Shor. The proposed bill aims to amend the existing “Washington Electronic Authentication Act,” adding a new chapter 19.34 and revising the ‘Purpose and construction’ (19.34.010) and ‘Definitions’ (19.34.020) sections of the act.

The current Washington Electronic Act includes “reliable electronic messages,” that ensures legal recognition for electronic signatures. With the new revision of the act, DLT will also be included in the list to encourage the development of the technology.

The bill defines Blockchain and DLT as follows:

“Blockchain” means a cryptographically secured, chronological, and decentralized consensus ledger or consensus database maintained via internet, peer-to-peer network, or other similar interaction.

“Distributed ledger technology” means any distributed ledger protocol and supporting infrastructure, including blockchain, that uses a distributed, decentralized, shared, and replicated ledger.

The bill also defines various Blockchain related terms such as “Key pair”, “Hold a private key”, “Digital signature”, “Rightfully hold a private key”, etc.

Other US states are making strides in providing clarity on Cryptocurrency and Blockchain related legislations. While Wyoming has introduced a bill that recognizes Cryptocurrencies like Bitcoin as money the state of Pennsylvania clarified that Cryptocurrency exchanges and ATMs do not require Money Transmission Licenses to operate, contradictory to Wyoming Pennsylvania does not consider Crypto as money.

Ohio started accepting Bitcoin for tax payments in November last year, New Hampshire and Indiana are also following its lead to accepting Bitcoin in taxes.

Recognition of Blockchain technology in major states like Washington can help encourage businesses and innovators to implement solutions viable to the general public.

Also Read:

Pennsylvania Declares Cryptocurrency Exchanges and ATMs free from Money Transmission Licensing

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