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Different states in the US are taking some measures that will allow the cryptocurrency and blockchain market to spread. Now we are talking about Arizona, one of the friendliest states towards these new revolutionary technologies. Arizona’s governor, Doug Ducey, signed a bill known as the Corporations/Blockchain Technology bill. This will allow data stored in the blockchain to be recognised as valid.

Arizona Recognizes Blockchain Technology

According to local media, the Rep. Jeff Weninger introduced some bills that update the way in which the government regulates cryptocurrencies, Initial Coin Offerings (ICOs), and blockchain technology.

Mr Weninger commented that with this new House Bill 2603, corporations and businesses will be able to submit their records using blockchain technology.  This will allow them be more efficient, and reduce the bureaucratic processes. For example, enterprises that now need to rent a special place to save documents, will be able to do it using distributed ledger technology. Blockchain: No More Being Bossed Around

Jeff Weninger said:

“This is permissive, it’s not a shall it’s a may. The goal is to allow in a couple years for corporations to submit their records on a blockchain.”

The bill was introduced to the House during the past February, and received an important support from different figures in the political arena. The bill was later signed into law on April the 3rd by the Governor Doug Ducey.

The state has been leading the Blockchain and cryptocurrency revolution in the United States. There are other important bills that should be debated in the future and that could change the way other states evaluate these increasing popular technologies.

“We are sending a signal to everyone in the United States, and possibly throughout the world, that Arizona is going to be the place to be for blockchain and digital currency technology in the future,” said Jeff Weninger in another opportunity.

Cryptocurrency Friendly Countries

Around the world there are some countries that are trying to attract crypto and blockchain investments. We are talking about Belarus and Switzerland. In the past, we have written at CoinStaker about these two countries and how they have adapted they legal systems to include these new technologies in the social and economic life of their countries.

Switzerland and Belarus are becoming important and recognized cryptocurrency hubs. Something that Arizona is also trying to do.

The State Secretary at the Swiss Finance Ministry commented:

“We think there is huge potential – but the market is not as disciplined as we want. We want it [the ICO market] to prosper but without compromising standards or the integrity of our financial markets.”

Bitfinex, one of the most important crypto-exchanges in the market, has announced that it is planning to move from Hong-Kong to Zug. These blockchain hubs are places that will be benefited with the increased blockchain and crypto investments.

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Image Courtesy of Pixabay

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