The legislator from the US state of Tennessee Jason Powell made a proposal to officially legalize Bitcoin and other cryptocurrency as payment instruments, according to The Tennessean.
“We are not just competing with other states in this space, we are competing with the whole world. I want to ensure that in Tennessee was a regulatory and legal for the blockсhain. It is important to show that the staff supports this technology, that we want to be leaders in this innovative field,” Powell said.
The bill proposed to them implies the assignment of a legal status to both cryptocurrencies and smart-contracts. In addition, the amendments should protect the ownership of information recorded in the detachment.
According to Powell, despite the current volatility in the market cryptocurrency technology, which is based on digital assets, not “dummy”, and Tennessee should be at the forefront of innovation.
Recall that in early January, lawmakers of the US state of Florida have proposed a new bill that if passed will provide legal status information and smart-contracts in blokchain networks. In addition, in April 2017 a similar bill was passed in the state of Arizona.
In turn, the state authorities of Nevada announced their intention to create the most favorable conditions for blockchain-startups.