State of New Hampshire takes another friendly step towards blockchain technologies. This news reminded me the ambitions of city of Lugano in Switzerland to adopt bitcoin as de facto legal tender. I wrote about this two weeks ago in my post titled City of Lugano In Switzerland Wants Bitcoin As Legal Tender. Feel free to read to find out more about interesting bitcoin developments in Lugano.
Just like city of Lugano, New Hampshire is a beautiful state. It also has gorgeous mountains, beautiful lakes, and breathtaking greenery everywhere. With their actions like this law they have introduced and passed in their state house of representatives, they want to signal to entrepreneurs that it is great place for developing blockchain technologies. They do want to attract more crypto businesses to the state. With states like Wyoming and Texas also taking such steps, it looks like there is a competition among state who can become a better home for blockchain development.
I am normally very skeptical about anything politicians do or say. This bill seems to be express genuine desire to be crypto friendly. While it is still not a law until state Senate votes for it and the governor signs it, I do like the language they use. The intentions are very clear from the title of the bill - Exempting the developer, seller, or facilitator of the exchange of an open blockchain token from certain securities laws and adopting the Uniform Commercial Code relative to controllable electronic records.
The part I like most is, unlike the federal government, central banks and international bankers, they use the wording of Open Blockchain Tokens instead of digital assets. When central and international banks refer to bitcoin and crypto they normally just say "digital asset/money". I believe that is a deceptive tactics to confuse people and push their agendas of CBDCs. But that is another topic.
I do agree with New Hampshire lawmakers, the more appropriate words to define bitcoin and crypto assets would be Open Blockchain Tokens. Brilliant! I am even more impressed by these lawmakers when I read how they define what open blockchain tokens are.
According to this bill, Open Blockchain Token means a digital unit which is Created:
- In response to the verification or collection of a specified number of transactions relating to a digital ledger or database.
- By deploying computer code to a blockchain network that allows for the creation of digital tokens or other units.
- Using any combination of above two.
They continue describing Open Blockchain Token as recorded in a digital ledger or database which is chronological, consensus-based, decentralized and mathematically verified in nature, especially relating to the supply of units and their distribution. Open Blockchain Tokens are capable of being traded or transferred between persons without an intermediary or custodian value.
It does look like they have done their homework and know what they are talking about. It is great to see a competent approach to a bill by politicians for a change.
What does the bill do? It is provides exemption for blockchain developers, coin issuers, and token trading facilitators from laws that would otherwise consider these assets as securities. Those who would want to take advantage of such exemption would still need to apply for it through the Secretary of State and meet the conditions described in the bill. These conditions do seem to be reasonable as well. To paraphrase: don't be a scammer, don't advertise or sell your coins as financial instrument to get rich, make sure the token is created for consumptive purpose. You can read the full text of the bill here.
It is still too early to celebrate. This will not become a law until state Senate also votes for it and the governor signs into law. The governor has not endorsed the bill. However, the governor of the state had issued an executive order in February to create a commission to make findings and determinations of the current laws and regulations regarding cryptocurrencies and their effectiveness. So, looks like the governor is open to bring changes that are more appropriate to the blockchain technologies and cryptocurrencies.
Even if this bill becomes a law, it still doesn't mean it can override federal laws. It still doesn't mean all is great for crypto. This is just a small step, a friendly one towards facilitating innovation. Governments don't need to do much or anything for crypto. Creative minds will do their magic, builders will build, innovators will innovate, developers will develop. Governments should just stop creating obstacles, and offer clarity instead of confusion. This bill is a move in a right directions. I hope to see more and more positive moves like this in the future.
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At least some states are starting to get it.
I do wish the federal government would just stay out of it and leave it up to the states.
I just hope it does not turn into how many other industries are. Where the states permit and have their own rules. Then you have federal agencies moving in and raiding companies for money whenever they feel like since they declare it illegal.
It's the usual thing to have bureaucracies and administrative bottlenecks with things like this.
More so, despite the great things crypto promises, from a political standpoint there are obvious 'political' reasons why it might take a while for the proposition to be fully adopted.
State law may not override federal law, but if enough states pass crypto-friendly bills such as this, it will keep us safe from Brandon or Uncle Sam overreaching with some kind of crypto-ban in the future.
You are right, sometimes changes start at state level before being adopted in federal level.
Getting to see the level of development and acceptance from the government as regard blockchain token is another plus for the crypto world,but let see how this tend to be utilized by them too
Great steps about crypto development, I want state takese advantage of that but government should stay out, but I think crypto will never replace dollar, maybe it can get this chance if multinational companies make huge investment on crypto.it's right?
It's a small step in the right direction. If more states or cities start doing so, it will become a national-level thing before we know it.
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You just said it all , government should stop creating obstacle, crypto will run the regime smoothly just like the law of demand
It is a good step for legalization of cryptocurrencies, however Governments should just stop creating obstacles matters. I wonder what their reaction will be.
This is wonderful development about the crypto. I believe that if more states or country can take action like this ,I think that everything will be nice. To me alot is still coming.
This is awesome. It reminds me of somewhere in US, a state gives you money. Not sure which state it was. If you moved to working there, you get so many incentives. Tax rebates, rent discount and you get up to $20.000 worth of Bitcoin !
First time I hear about it. Let me know when/if you remember where it is.
I send you a screenshot. I think it is ok. I have not infringe on any copyright !
Thank you for this information. I didn't know about it.
I'm not often proud to say I am from New Hampshire, for once I am proud to say I am!
That is, providing the kind of environment that is conducive for entrepreneurial ideas to grow and prosper. Doing this is the legitimate task of civil government.
Thanks for the update about New Hampshire, the 11th in my list of "friendly" States to blockchain and cryptocurrency. 39 more to go.
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There are some impressive vote stacking going on some your frequent posts. Do you mind if I disagree with some of the rewards?
In my opinion this post is not worth $200 plus. What do you think?
Feel free to adjust rewards according to your assessment. You are the stakeholder.
will do, thank you for understanding
Thank you for reviewing. Feel free to review and adjust other pending posts as well. Better yet, follow for future adjustment opportunities.
@tipu curate
Upvoted 👌 (Mana: 7/47) Liquid rewards.
I believe it is a good news as crypto is highly appreciated as individuals and countries are beginning to see the impact it has which is pretty nice and I believe there's still more to come
This is great stuff :)
:) Its good to see more and more positive news for crypto. Soon all the states and countries will follow suit.. :)
the scenery is very beautiful i really like the view like that...
thank you for sharing..
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