Distributed ledger technology law passed in the state of Arizona.
Arizona passed the Corporations/Blockchain Technology bill known as House Bill 2603 on April 3rd 2018. This law was passed by Arizona’s governor, Doug Ducey, to encourage corporations to submit their data using blockchain technology.
The previous bill, Arizona Revised Statues, had already supported “signatures and records secured through blockchain technology and smart contracts.” Under this new law, corporations are allowed to store and share valid data using blockchain technology.
This law was first introduced in Arizona last February and passed sooner than expected. In fact, lawmakers and the Senate supported the bill; only a few House representatives opposed it.
Representative Jeff Weninger foresaw the need to present the Corporations/Blockchain Technology bill to the house. Since blockchain is a new secure technology, he sought the need to help businesses using blockchain to obtain better efficiency and security.
In an interview, Rep. Weninger stated that “the goal is to allow in a couple of years for corporations to submit their records on a blockchain.”
Arizona is trying to pass a tax payment law in bitcoin.
Rep. Weninger is trying to pass a tax bill payment in bitcoin. Lawmakers are anticipating that this bill will take time to become law. Moreover, if Arizona will successfully pass this tax bill, other states might also seek to implement it and make it law.
Like many other countries, Arizona is turning to FinTech to help boost their economy. Last month, Arizona enacted a FinTech “sandbox”, encouraging FinTech investment by instituting sandboxes. To further explain, “sandbox” is computer security which separates running programs. Arizona’s FinTech law provides entrepreneurs to launch and test their products without the need to go through legal, regulatory fees and expenses incurred by technology fees.
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