Categories: BlockchainDLTNews

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:


Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Shrikar Parashar

Shrikar is a Blockchain evangelist. He is a die-hard fan of security tokens. He follows the market closely but does not trade. He believes in Hodling.

Share
Published by
Shrikar Parashar

Recent Posts

Bullish Signals for Sui Blockchain: Top SUI meme projects of 2024

Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…

2 months ago

AI Companions: A New Era of Digital Relationships and Virtual Experiences

As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…

2 months ago

zkCross Network: Simplifying DeFi Complexity and Achieving Fundraising Success

Did you know that 85% of DeFi value is concentrated in six blockchains?  DeFi is…

2 months ago

Don’t Miss Out: Get $CLP Tokens in the Exclusive RWA IDO Now!

CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…

3 months ago

Step into the Future of Web3 at Blockchain Futuristic Conference 2024, August 13-14

Join us at BFC 2024 to explore the future of Web3. Use a special discount…

4 months ago

WebX Asia 2024: Web3 Innovation Ignites in Tokyo

Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…

4 months ago