Nevada Approves Bill to Outlaw Blockchain Taxation

This week Nevada became the first state to approve a bill that would disallow local government from levying any taxation on the use of blockchain technology. The bill was initially brought to the table at the end of March by senator Ben Kieckhefer in order to keep pace with the developments in technology.

The bill has since been passed into state law by a unanimous vote in the senate and also passed through the House. The bill states:

local government can not: (1) impose a tax or fee on the use of a blockchain; (2) require a certificate, license or permit to use a blockchain; and (3) impose any other requirement relating to the use of a blockchain.

The passing of this bill marks Nevada as the first state to prevent local taxation and restrictions of distributed ledger technology. Hopefully this will pave the path for other states to follow suit and prevent taxation on the growing technology that will soon be implemented everywhere.