Iowa Introduces Bill to Level Playing Field for Blockchain and Smart Contracts
The bill was introduced to bring blockchain tech on par with traditional contracts and recordkeeping.
Feb 11, 2021 at 11:55 a.m. UTCUpdated Aug 19, 2021 at 7:12 a.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindeskuat/H6UDG2KMMNA4RBBKBZODVYIQAM.jpg)
The U.S. state of Iowa has introduced a bill that would recognize use cases of distributed ledger technology (DLT) and smart contracts in law.
- Introduced by Republican State Senator Mark Lofgren on Wednesday, Senate Bill 303 specifies that, unless explicitly stated otherwise, any parties using DLT to secure information have the same rights as those involving records secured by traditional means.
- It also amends the definition of "contract" to include those secured using DLT and further includes smart contracts.
- As such, no contract would be denied legal effect solely because it is a smart contract.
- "Electronic record" and "electronic signature" would also include all those secured using DLT.
- The midwestern state has previously introduced legislation exempting virtual currencies from "certain security and money transmission regulations" and "individual, corporate, franchise, sales and use, and inheritance taxes.
STORY CONTINUES BELOW
13:18
Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
05:10
Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
04:07
The first video of the year 2024
40:07
The last regression video of the year 3.67.0
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)