While we've seen adoption and advocation for cryptocurrency by a few places, it seems Tennessee wants some of the action.
Recently, Arizona legislation had been playing with the ability to pay taxes in cryptocurrencies.
Which is a massive step for areas in the U.S.
Although, this new bill passed by Tennessee on Thursday, gives a bit more credibility to the blockchain and smart contracts.
Smart Contracts Recognized Under New Tennessee Law Bill
This bill HB1507 was passed recently on Thursday.
The quick summary of the bill states:
As introduced, recognizes the legal authority to use blockchain technology and smart contracts in conducting electronic transactions; protects ownership rights of certain information secured by blockchain technology.Governor Bill Haslam passed the bill into legislation, after its introduction in January.
What's interesting is that this helps to enforce the law and contracts that lie within smart contracts. Ensuring that no contract shall be denied legal effect, validity, or enforacability just because the contract uses the smart contract term.
And just like Arizona, this tails the law that Arizona put into place last May.
As more states in the U.S. start to adapt to cryptocurrency and create legislation around it, we should start seeing interest peaked again and possibly another bull run as we had in December.
As always we are bullish, and we hope you are too.
Thanks for reading,
The GCA Team
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Posted from my blog with SteemPress : https://globalcryptoacademy.com/tennessee-law-to-recognize-smart-contracts-in-new-bill/