CARSON CITY, Nev.--(BUSINESS WIRE)--Governor Brian Sandoval yesterday signed legislation aimed to validate the use of blockchain technology in the state of Nevada. This makes the state one of the few to enact laws around blockchain technology and the first to prohibit local taxation on blockchain transactions.
Republican Senator and Assistant Minority Leader Ben Kieckhefer introduced Senate Bill 398 March 30, 2017. The bill defines blockchain and protects blockchain transactions under the state’s Uniform Electronic Transactions Act.
In the text, blockchain is clearly defined as “an electronic record of transactions or other data which is: 1. Uniformly ordered; 2. redundantly maintained or processed by one or more computers or machines to guarantee the consistency or nonrepudiation of the recorded transactions or other data; and 3. Validated by the use of cryptography.”
The bill is the first of its kind and supports business investment by prohibiting local governments from imposing taxes or fees on blockchain use.
"The potential uses of blockchain are limitless, and I'm confident Nevada's entrepreneurs will find ways to use of this technology to innovate and drive our economy forward," Kieckhefer said. "I can't wait to see what comes next."
Several Nevada-based business leaders expressed strong support of the bill, including Filament CEO and Founder Allison Clift-Jennings. Filament is a leader in industrial applications of IoT and blockchain technology.
“Governments can be slow to adopt and digest this sort of technology,” said Clift-Jennings. “Nevada is setting a precedent for how states should be approaching blockchain right now. I believe it will be instrumental in attracting top technologists and startups to the state. It’s really exciting to be at the forefront of that change.”
The law will go into effect immediately. To read the full senate bill, click here.
About Clift & Co
Clift & Co is a full-service government affairs firm specializing in emerging technologies such as blockchain, the sharing economy, autonomous machinery, IoT, and cyber security. Founder Ashley Clift-Jennings is an accomplished business leader and grassroots community organizer with unparalleled passion and grit built to withstand the hurdles involved in delivering complex information to new and politically-conscientious audiences. Based in Reno, Nevada, the firm aims to better serve the futurists committed to educating and evolving. For more, visit Cliftand.Co.