Nevada became the first state to block local government entities from taxing and imposing restrictions on blockchain use when Governor Brian Sandoval passed the state's Uniform Electronic Transactions Act June 5, reports Bitcoin Magazine.
The bill defines a blockchain as: "an electronic record of transactions or other data which is: uniformly ordered; 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 validated by the use of cryptography."
At a Senate Committee on Judiciary meeting March 30, Republican Senator Ben Kieckhefer, who introduced and sponsored the bill, said the bill would provide "a legal framework for people using a blockchain to not do so in a legal gray area," according to Bitcoin Magazine.
Other states are taking similar steps toward providing guidelines for blockchain usage, including recognizing blockchain as an appropriate method to store data, according to Bitcoin Magazine.
Click here to read the full Senate bill.
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