Nevada Senate Bill 398 Becomes Law, Prohibiting Tax on Blockchain Technology
Judging by recent legislation, which is mostly hostile towards blockchain technology, Senate Bill 398 in Nevada seems like an unprecedented step in a positive direction. SB398 prohibits taxation and regulations regarding the use and implementation of blockchain technology, and it was approved by Nevada governor Brian Sandoval.
The bill is meant to create an environment that is hospitable Nevada Senate Bill 398 Becomes Law, Prohibiting Tax on Blockchain Technologyrather than hostile to new technology startups, and it is the first one to recognize smart contracts as legitimate and binding.
The bill was filed by Ben Kieckhefer on March 20. It appears he did not want the State to follow in the footsteps of places like New York who have generated regulations that harm bitcoin and other blockchain-based companies. The politicians in Nevada overall want the blockchain and technology industry to grow and benefit their State.
A Minutes of the Senate Committee On Judiciary record document read, “The bill will help ensure the State keeps pace with technological advancements and provide a legal framework for people using a blockchain to not do so in a legal gray area.”
Good because no one is going to be paying taxes in the first place.
sure, I'll pay taxes on my bitcoin . . . when pigs fly
LOL So true!
Honestly, Nevada has some of the best laws for businesses in the country. A state where the free market is able to regulate itself.
This is really important. Arizona just recently passed a law prohibiting tax on gold and silver sales. Texas, Arizona, Utah and Nevada are states that understand "real money" and help protect their residents freedom and from the fiat fiasco.
One for the good guys. :)
May have to move, or maybe other states will me motivated to introduce similar legislation soon.
This is great news, normally government dont get along with bottum-up solutions. Should this make us suspicious guys?
That's really good news.
Great news! I hope other states will follow this example.
A step in the right direction! Thanks for telling us about that @craig-grant!
this should be done all over