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Utah Senate to Debate Blockchain Task Force Creation and Business Incentives

State senators have the option to remove some blockchain businesses from money transmitter requirements. Utah became the latest United States state to consider special treatment for blockchain in a bill set to be heard today, March 4, concerning the definition of the technology. First presented by Republican senator Daniel Hemmert on Feb. 25, the “Blockchain Technology Act,” also known as Bill 0213, aims to exclude blockchain businesses from money transmitter compliance obligations. “This bill […] defines and clarifies terms related to blockchain technology [and] exempts a person who facilitates the creation, exchange, or sale of certain blockchain technology-related products from Title 7, Chapter 25, [of the] Money Transmitter Act,” the text of the bill reads. The plans are currently before the Senate Transportation, Public Utilities, Energy, and Technology Committee. In addition to altering the law regarding blockchain firms, Hemmert also wishes to create a dedicated task force focu..

How Crypto Incentives Work, Explained

Crypto platforms are taking innovative approaches when it comes to incentivization, but what does it mean for miners and the people who use these services? Where do loyalty programs fit in?This marketing tool has been suffering issues for years. In the non-crypto world, consumers are overwhelmed by the number of schemes offered by retailers and are disappointed by the rewards. Blockchain projects are hoping to inject some innovation into this sector by offering schemes which are meaningful to shoppers. The startup behind Elipay — Eligma — says its approach involves a universal loyalty scheme. Instead of carrying around a wallet full of cash and credit cards, consumers will be able to shop and receive rewards from a plethora of merchants in one place. The tokens that customers earn can then be used for further shopping or for receiving the benefit of discounts on goods and services. This also has the potential to deliver a boost to merchants who have been struggling to compete with on..
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