Arizona Blockchain Bill Officially Signed Into Arizona State Law

On 3rd April, Govt. Doug Ducey officially signed the Arizona State bill into the Arizona State law. Corporations are allowed to hold share data on a distributed blockchain ledger through the Arizona State bill.

The Arizona State Senate passed the bill unanimously. This bill was one of the three bills that aimed to let more evolving technologies inside the basic framework of Arizona. First time in the history of US tax, in March, Arizona Senate passed a bill through which state residents were allowed to pay their taxes in Bitcoin.

Blockchain signatures were legalized and the usage of Smart contracts was recognized by Arizona in April 2017. The data stored in the blockchain technology is totally exempt from hacking, is specified by Arizona and it also offers a totally uncensored truth.

Two bills are still waiting for the sanction by the Arizona State Senate. One bill may ban any town from confining cryptocurrency mining for residences and the other bill discourses securities and crowdfunding and also identifies a virtual coin as a digital symbol of value in the medium of digital dealing.

Legislation on cryptocurrencies a blockchain technology has been passed by State governments across the US. Lately, crypto dealers have been excused by New Hampshire from money transmission rules in March 2017. Virtual currencies have been excused from state property tax by Wyoming. In the ongoing expansion of blockchain technology, many bills have to be passed among state legislatures and these are from among those bills.