Another big step has been made into mass adoption of Bitcoin as was announced just yesterday by the state of Utah which has drafted up its first Bitcoin bill. The bill essentially encourages the unlimited and free use of Bitcoin through out the state and is of one of the only bills with no special clauses at the moment.
Below is a description given by the state on the bill which is to be considered for approval. The bill will not only stimulate the growth of Bitcoin in the US ultimately, but will also influence the use of Bitcoin directly. With Canada rapidly becoming a Bitcoin friendly country installing kiosks around the country, Utah has now taken the steps necessary to give the cryptocurrency the attention and value it deems necessary.
10 This concurrent resolution of the Legislature and the Governor proposes the creation of
11 the Council on Payment Options for State Services to study whether and how the state
12 could accept Bitcoin as a valid form of payment.
13 Highlighted Provisions:
14 This resolution:
15 ▸ encourages the expanded use of Bitcoin in the state;
16 ▸ proposes the creation of the Council on Payment Options for State Services to study
17 whether and how the state could accept Bitcoin as a valid form of payment;
18 ▸ proposes that certain persons be a part of the council;
19 ▸ encourages the council to study certain issues; and
20 ▸ encourages the council to share its findings.
21 Special Clauses:
The bill was exclusively announced just yesterday, and is in the process of being reviewed by the council and governor of Utah. The bill also states how Bitcoin is set to “play an increasingly important role in Utah’s economy and culture”, as Utah has realized the potential of cryptocurrencies and made the bill one of its first priorities. With fresh US money sitting on the sidelines it may only be a matter of time till it comes to aid with the recovery of the current Bitcoin market.
The Future of Bitcoin in Utah
Bitcoin has a very bright future in the state not only due to its heavy investment in new technology but also the growing interest in various cryptocurrencies which has been accumulating as media coverage of Bitcoin increases. Now with Bitcoin being recognized at a state level it seems that even the government are taken aback with the rampage set off by Bitcoin. With Bitcoin already a Billion Dollar industry and it’s importance as a cryptocurrency of the future already recognized, the progress made by some states is surprising, as initially the state was against Bitcoin with many politicians smearing Bitcoin off as a ponzi and a scam. Utah is home to a developing Bitcoin currency but when recognized among other states around the country it comes as little surprise these regulations were drafted up. With business eager to get into the Bitcoin boat the industrial value of Bitcoin is extremely under rated at the moment. With low fees and instant transactions it is hoped that Bitcoin becomes the currency of choice for both business and citizens in Utah.
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