Arizona using blockchain becomes law..!!!
There has been big news about Arizona going through the acceptance process of being able to pay state taxes with cryptos. This article popped up and expanded on what is going on down here.
https://cointelegraph.com/news/arizona-blockchain-bill-signed-into-state-law
What I have found so far about Arizona making blockchan tech a part of its laws.
Side Note: This is just a snapshot and an over view. Much of it is simply making the congruence in integrating the blockchain tech into the current laws, and there is nothing nefarious about this.
However that does not mean that interesting pieces are being injected along the way.
There are currently 5 AZ bills in process or laws that have been enacted so far that are in play.
AZ House Bill 2417, this is law now.
Authorizes that a signature that is secured through blockchain tech is considered to be an electronic legal signature. Or “Defines that Signatures and records secured through blockchain technology; smart contracts; ownership of information”.
The catch in this: The law applies only to transactions contained with in Sales, Leases, and Documents of Title contained in the Arizona UCC (Uniform Commercial Code).
Strangely it looks like the law does not relate to the creation and execution of wills, codicils or testamentary trusts.
Side Note: For those who understand about the testamentary trusts and the current financial system. It would be interesting to see if some of the Papal Bulls can exist on the blockchain. Because of what the Papal Bulls are.
https://legiscan.com/AZ/text/HB2417/id/1497439
This is the list of the UCC statutes from the state of Arizona.
https://www.azleg.gov/arsDetail/?title=47
AZ Senate Bill 1091, this has not been signed into law yet.
This will authorize state taxes to be paid in the form of a check or cryptocurrencies.
The wording of this is really interesting: “THE DEPARTMENT SHALL CONVERT CRYPTOCURRENCY PAYMENTS TO UNITED STATES DOLLARS AT THE PREVAILING RATE WITHIN TWENTY-FOUR HOURS AFTER RECEIPT AND SHALL CREDIT THE TAXPAYER'S ACCOUNT WITH THE CONVERTED DOLLAR AMOUNT.” The wording “United States Dollars” and that the cryptos have to be converted into US Dollars within 24 hours of receiving the cryptos. So a government entity is taking care of Crypto to dollar exchanges within 24 hours…?? What Sorcery is this..!!!
I am guessing that the State will come out with its own cryptocurrency specifically for paying taxes when all is said and done. If you can take any cryptocurrency and exchange it to a Tax crypto currency, will be very interesting to see how this plays out.. “Hey,, I just paid my taxes in Dogecoin..!!!”
https://legiscan.com/AZ/text/SB1091/id/1677658
The real meat of this is in these 3 bills:
AZ House Bill 2601, this has not been signed into law yet
This bill is about the sale of securities, and anything that is relating to or defined as a security.
Even though this in relation to the state level of securities in Arizona. They are basing this bill on the Federal 1933 Securities Act. This is the specific wording: “THIS PARAGRAPH, SHALL NOT BE CONSTRUED MORE BROADLY THAN THE TERM SECURITY IS CONSTRUED IN THE SECURITIES ACT OF 1933, THE SECURITIES EXCHANGE ACT OF 1934 OR ANY FEDERAL REGULATIONS RELATING TO EITHER ACT.”
It also give a laundry list of the types of securities.
This is the definition of a cryptocurrency in this bill: “"VIRTUAL COIN" MEANS A DIGITAL REPRESENTATION OF VALUE THAT CAN BE DIGITALLY TRADED AND THAT FUNCTIONS AS A MEDIUM OF EXCHANGE, UNIT OF ACCOUNT AND STORE OF VALUE.”
Note: They also include defining Crowdfunding in this bill.
https://legiscan.com/AZ/text/HB2601/id/1718697
Note: the state of Arizona defines a security as: “A “security” is considered to be an asset of any kind that is capable of being tracked.” This article is from March 2015. So the blockchain tech that is being written into law has been in the works for some time.
https://www.asreb.com/2015/03/9853/
AZ House Bill 2602, this has not been signed into law yet
This basically states that no city, town, or county with in Arizona may prevent any individual in a residence from mining and/or verifying/validating/reconciling entries on the blockchain.
Which relates to AZ 44-7016: Which deals transferable records and this includes the Blockchain tech.
This is a link to the current bill:
https://legiscan.com/AZ/text/HB2602/2018
This is a link to defining transferable records.
https://www.azleg.gov/ars/44/07016.htm
AZ House Bill 2603, This is law now.
This relates to (AZ 10-140) statutes relation to Corporations and Associations. It also relates to (AZ 44-7003) which applies to any electronic record and electronic signature relating to a transaction, (this does not apply to the creation and execution of wills, codicils or testamentary trusts.
It also defines what Blockchain tech is.
They also had this really curious wording for the definition of a Board of Directors: “"Board of directors" means the group of persons vested with the management of the affairs of the corporation irrespective of the name by which the group is designated and includes the governing body or bodies of a water users' association if the articles of incorporation of such water users' association provide for a governing body or bodies denominated other than as a board of directors.”
Now “bodies of a water users' association”..??? That’s very curious..!!
In the definitions at the bottom of the page for statute AZ 10-140 it says: “"Water users' association" means a corporation that operates a federal reclamation project pursuant to a contract with the United States.”
This is the name of a group that deals in everything dealing with Water rights. If you do a search on the name “Water Users Association” you get global hits from all sorts of different countries. In the US it looks like the Water Users Association is related to the US Bureau of Reclamation (which deals with water resource management), which is under the department of interior.
https://legiscan.com/AZ/text/HB2603/id/1718691
The side thought I have on “Water Users Association” is if it relates to companies like Nestle, and how they are able to get away with what they have been doing.
My thoughts:
It looks like there is a fast push to get these laws through. Looks also like Arizona is the test location for the other states in the US to move forward with the blockchain tech. Possibly as well for other countries.
This is only one of the moves, to integrate the blockchain tech into the government level.
Since much of the laws of the US are based in the Western Central Banking system, and that system is collapsing. It is understandable why there is a huge push to integrate this tech. Partly the Western central banking system is in freefall collapse and it looks like the new financial system utilizes the blockchain tech.
Thanks for reading this article, more will be revealed, travel wisely..!