Nevada Approves 4 Blockchain Bills

The latest, Senate Bill 161, would provide businesses testing new uses of the distributed-ledger technology with temporary exemption from certain financial regulations.

The legislation aligns with three other bills passed last week that attempt to remove barriers for adoption of blockchain technologies by both the private and public sectors. The Governor of Nevada has signed Senate Bills 162, 163, and 164 already.

All four bills were introduced by Republican state Sen. Ben Kieckhefer, who explained earlier this year that the legislation is designed to spur economic growth and promote innovation in business:

“[We want to] develop and support an ecosystem to change how we think about economic development, to grow the next big company here locally rather than importing it.”

Senate Bill 162 permits government entities throughout the state to accept records recorded on a blockchain as they would other forms of digital documents.

Bill 163 allows businesses to store their records and permits required by the secretary of state using blockchain technology, while Bill 164 defines cryptocurrencies as intangible personal property for the purposes of taxation.

Lawmakers across many US states go into blockchain now.

Colorado hired a “blockchain solution architect”, whose task is to devekop a distributed identity management for the state’s residents. Colorado also considers to use blockchain to help manage its agricultural supply chain.

West Virginia used a blockchain-based app to allow overseas members of the military vote in a recent election.

Illinois has been studying possible use-cases for blockchain in government, such as lands records management.

And Nevada itself has attracted interest from a private investor who wants to build a smart city themed around blockchain technology in the middle of the desert.

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