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Washington State Law Passes A Bill On Digital Assets

BFSI News

Washington_State-Law-Passes-A-Bill-For-Digital-Assets Washington State Law Passes A Bill On Digital AssetsThe U.S. State of Washington has reportedly passed a bill which identifies and secures the legal status of electronic records pertaining to distributed ledgers like blockchains. According to the reports, the bill, substitute senate bill 5638, was signed into effect by Governor Jay Inslee on April 26.  The original version of the bill had its first reading by the Washington state legislature on earlier this year on 25th January. The bill has now passed with 96–1 and will go into effect in late July. Moreover, the new law has a clause that thwarts discriminating against electronic records which have in some way been part of a distributed ledger.

As per the announcement, “An electronic record may not be denied legal effect, validity, or enforceability solely because it is generated, communicated, received, or stored using distributed ledger technology.” The bill further offers legal definitions for the terms Blockchain and Distributed ledger that can be referred to moving forward. To this regard, the Tennessee legislature made a similar move in March last year, when Governor Bill Haslam signed a bill which recognizes the legal authority of Blockchain technology and smart contracts in conducting electronic transactions, according to the report.

Earlier, it was reported that Ohio has released a bill that also is related to the utilization of distributed ledgers. In this case in point, House Bill 220 intends to enable the government of Ohio to execute Blockchain-supported solutions. Blockchain could permit the state government to readily track and share identifying information like car titles and licenses.