The bill before the Idaho legislature presents some legal definitions applicable to digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies and assets, with special emphasis that these would be considered personal property.
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Yesterday, the Idaho state legislature introduced a new bill associated with cryptocurrencies, in which it proposed to give these assets legal status as personal property.
Digital currencies as personal property
According to information published in the official document, the bill in question, titled “Digital Assets Act”, aims to grant definitions and legal status to digital currencies such as Bitcoin, which will become subject to applicable laws according to the operations and activities in which they are involved.
Among the most noteworthy definitions considered in the draft law are the following:
- “ Digital Asset “means a representation of economic, ownership or access rights that is stored in a computer-readable format and includes a network a network refers to all nodes in the operation of a blockchain at any given moment in time. token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. open, a digital product, a digital security, a virtual currency, and any other controllable electronic record.
- “ Valor digital “means a digital asset that constitutes a security, as defined in section 30-14-102, Idaho Code.
- Digital assets are intangible movable assets and are classified as follows:
(1) Digital assets are intangible personal property and are general intangibles as defined in section 28-9-102, Idaho Code.
(2) Digital securities are intangible personal property and are investment property as defined in section 28-9-102, Idaho Code.
(3) Virtual currency currency is a medium of exchange that defines value. is intangible personal property and is not a security, notwithstanding section 30-14-102, Idaho Code.
- BUYING AND SELLING: Digital assets can be bought and sold in the same manner and are subject to the same laws of this state as other personal property. A buyer or seller can identify themselves in any way, including their name, identification number, private key, office or account an account is essentially a whose purpose is to track the financial activities of a specific asset/ number.
State-level regulations
While this bill by Idaho only introduces definitions applicable to these assets and is subject to further debate before becoming law, what is noteworthy is that the initiative comes at a time when senates and congresses in U.S. states are actively working to create regulations for digital currencies.
A few days ago, the representative for the Tennessee Democratic Party, Jason Powell, introduced before the House of Representatives a local bill to give the state and other surrounding municipalities full power to invest investing is when you put money in a financial scheme with the intent of making a gain. in Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. , cryptocurrencies and digital collectibles (NFT).
Late last month, State Senator Wendy Rogers introduced a legislative proposal, numbered SB1341 which would seek to amend the Arizona Revised Statutes to include Bitcoin as a form of legal tender.
Around the same time, the governor of the state of Colorado, Jared Polis, confirmed to several media outlets that he is going ahead with his intention to allow residents to pay their taxes with digital currencies.
Let’s keep in mind that several reports published in early 2022 revealed that President Joe Biden’s administration has plans to regulate cryptocurrencies at the federal level, for which it will address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. the issue under the category of “ National Security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. “and will summon various agencies through an executive order to work together on this issue.
- US inflation a general increase in prices and fall in the purchasing value of money. continues to rise at a rapid pace: What does it mean for Bitcoin?
- Tennessee Rep. Jason Powell introduces bill to allow state to invest in cryptocurrencies
- Survey finds Americans prefer crypto to saving in deposit accounts
Source: Idaho Legislature , Coincodecap
Version by Angel Di Matteo / DiarioBitcoin
Imagen de Unsplash
