California Bill Aims to Recognize Blockchain Records

I'm a California resident, and bought my first Bitcoin 5 years ago living in this state. So, for me this is exciting news, especially now that my very own state is opening their eyes to Crypto and Blockchain technology. I'm clipping some quotes from the article I found, Cheers! Enjoy the knowledge...

The state of California has introduced a new bill that aims to recognize blockchain transactions, digital signatures, and smart contracts as a legal form of record. Assemblyman Ian Calderon introduced Assembly Bill 2658 on February 20 in order to re-define laws that apply to electronic records that take place within the state.

“A record that is secured through blockchain technology is an electronic record,” Assembly Bill 2658 explains. A signature that is secured through blockchain technology is an ‘electronic signature’ and also updates the term ‘contract’ to account for smart contracts, or self-executing pieces of code that trigger when certain conditions (like a reaching a particular block number on a blockchain) are met.

California’s State Assembly bill is very similar to bills introduced in Arizona, Vermont, and Florida. These three states also have lawmakers proposing new definitions and laws that recognize blockchain transactions, digital signatures, and smart contracts. If Assembly Bill 2658 pushes through California’s legislature and Governor Jerry Brown’s desk then the law will stay in place until January 1, 2021.

We're heading in the right direction, and I hope more states follow suits like AZ, CA, VM and FL. Let's reconize blockchain and Cryptocurrency around the world! It's only a matter of time...

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