Lawmakers in the U.S. state of Nevada have reportedly passed four proposed bills that focus on providing more leniency in terms of financial regulations to companies working in the blockchain space.
This step comes soon after similar laws were passed in the state of Arizona in order to boost blockchain innovation.
The new laws are likely due to efforts from Nevada lawmakers who, in the past two weeks, have sent four pieces of legislation concerning blockchain technology to Governer Steve Sisolak.
Nevada Boosts Blockchain Innovation
Senate Bill 161, is the latest measure towards sparking blockchain innovation in the state. It’s said to temporarily exclude companies testing new use cases of the distributed ledger technology from the consideration of certain active financial regulations within the state.
Being dubbed the ‘Regulatory Experimentation Program for Product Innovation,’ it is expected to help blockchain businesses test new products without having to deal with regulatory constraints.
Senate Bills 162, 163, and 164 were also signed by the Governor and are expected to make it easy for innovators to experiment with blockchain technology. Bills 162 and 163 allow for private and government entities to accept data that has been recorded on the blockchain and also enables them to store their data on it. Bill 164 declares cryptocurrencies as ‘intangible personal property for the purposes of taxation.’
Commenting on this, Republican state Senator Ben Kieckhefer, said that it was a step to change how economic development has so far been seen and experimented with. He expects that the freedom to test the new technology will help the state develop a homegrown industry rather than having to rely on an imported one.
Progressive Thinking Needs Courage
It’s always easy to sit back and cherish the development and progress the world has already made, but to rise up and keep evolving is what takes courage and effort.
Many countries and their legislators condemn blockchain technology and cryptocurrencies. This hostility signals that they do not wish to adjust to the new mold, irrespective of the growth it could bring.
However, as more countries have started accepting these technologies, there seems to be a much-needed paradigm shift among others who have thus far not given enough recognition to them.
Do you believe that blockchain technology and cryptocurrencies will bring about a revolution on the same scale as the Internet? Let us know your thoughts in the comments below.
