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Russian State Duma Defers Consideration of Bill On Digital Financial Assets

The State Duma of the Russian Federation has rescheduled consideration of the bill “On Digital Financial Assets” for April 2019. The State Duma of the Russian Federation has deferred consideration of the bill “On Digital Financial Assets” to April 2019, local media outlet TASS reported on March 20. The second reading of the draft federal law “On Digital Financial Assets” has reportedly been rescheduled for April, following a decision made at the morning voting on the agenda of the plenary session. The initiative was taken by the Chairman of the State Duma Committee on Financial Market, Anatoly Aksakov, although he did not explain his motives. The bill “On Digital Financial Assets” aims to formulate national cryptocurrency legislation, and was adopted by Russia’s parliament in the second reading earlier in March. Vyacheslav Volodin, the Chairman of the State Duma and coauthor of the draft bill, stressed then that the adopted amendments are aimed at fixing the difficulties related to th..

US State of Colorado Passes Crypto Exemptions Bill Into Law

The governor of Colorado, Jared S. Polis has signed the “Colorado Digital Token Act” into law. The governor of the State of Colorado, Jared S. Polis has signed the “Colorado Digital Token Act” into law, according to a document published on March 6. The act — which was initially proposed in January and sponsored at the state Senate level by Republican Jack Tate and Democrat Steve Fenberg — provides limited exemptions for securities registration and traders, as well as salesperson licensing requirements for persons dealing in digital tokens. The bill identifies a "digital token" as “a digital unit with specified characteristics, secured through a decentralized ledger or database, exchangeable for goods or services, and capable of being traded or transferred between persons without an intermediary or custodian of value.” A previous bill that would govern blockchain tokens was voted down in the Colorado state Senate last May. The bill defined an “open blockchain token” and exempted certai..

US State of Connecticut Introduces Bill to Authorize Smart Contract Use...

The Commerce Committee of the Connecticut General Assembly introduced a bill to authorize the use of smart contracts in business. A committee of the Connecticut state legislature has proposed to authorize the use of smart contracts in commerce in the state, according to official documentation introduced on March 7. The Commerce Committee of the Connecticut General Assembly (CGA) has introduced House Bill 7310, suggesting that blockchain-powered smart contracts may be used in commerce conducted or initiated in the United States state of Connecticut. The committee elaborated that any cryptographic signature or a record secured through distributed ledger technology (DLT) should be considered to be in an electronic form and an electronic record. The CGA Commerce Committee emphasized that no smart contract relating to a transaction should be denied a legal effect or validity only because it is processed through a smart contract rather than a traditional method to secure a transaction data...

Germany Proposes Launching State-Run Electronic Register for Blockchain Sector

The German justice and finance ministries propose to launch a state-run registry to develop the blockchain sector and protect investors. Germany’s justice and finance ministries have proposed to launch a state-run register to boost the use of blockchain, Reuters reports on Friday, March 8. According to the Reuters, the seven-page initial guidelines offer to create a register to regulate the sector and protect investors from possible abuses. The document reportedly states that regulation in the sphere could contribute to the development of the technology behind cryptocurrencies, along with enhancing Germany’s position in financial markets. The guidelines also propose easing existing requirements, which assume that financial instruments must have tangible counterparts that can be purchased by investors. Reuters claims that current proposals are only related to electronic bonds, while digital stocks might be added later. The chief executive body of the German government, the Cabinet of G..

US State Dept. on Blockchain: Sometimes Gov’t Should ‘Stay out of...

The technology needs thorough research both at home and abroad through diplomacy, Manisha Singh says. A United States senior government official said that the country was closely monitoring global approaches to blockchain in a speech at the 4th Annual DC Blockchain Summit on March 6. The event, organized by blockchain advocacy group the Chamber of Digital Commerce (CDC), featured various influential speakers from U.S. politics. This year, discussing domestic and coordinated international efforts around blockchain, Acting Under Secretary of State for Economic Growth, Energy, and the Environment, Manisha Singh, explained that the Trump Administration was busy surveying other states’ activities in the area. Speaking about the State Department’s perspective on blockchain and what the agency looks to other nations for, Singh stated: “We want to see other countries adopt light-touch and compatible regulations so the private sector has room to innovate and perfect potential new uses for bloc..

US State of Colorado to Examine Blockchain Implementation in Water Rights...

The Colorado General Assembly has requested the local water institute to study the implementation of blockchain. The United States state of Colorado is examining the possibility of implementing blockchain in water rights management. The corresponding bill was published on Colorado’s General Assembly website on Wednesday, Mar. 6. Senator Jack Tate (R), together with representatives Jeni James Arndt (D) and Marc Catlin (R), have filed a bill that tasks the Colorado Water Institute at Colorado State University with studying the potential implementation of the technology to manage a database of water rights. Moreover, the assembly wants to learn whether blockchain can be used to establish and operate water markets, water banks and contribute to the general administration of the resource. To proceed with the experiment, the institute is allowed to seek and accept donations from both public and private sources. In case the institute fails to raise funds necessary for the trial, it will b..

Cryptopia Website Goes Live After Slight Delay, User Balances Held from...

Hacked crypto exchange Cryptopia relaunched its website on Feb. 5, resuming user balances to the state held on Jan. 14. Recently hacked crypto exchange Cryptopia has relaunched its website in a read only format, along with resuming user balances to its pre-hacked state, the exchange tweeted on March 5. Following last week’s announcement of a March 4 launch date, Cryptopia has slightly delayed the relaunch by providing the live website on Tuesday, March 5, one day later. In the latest series of tweets, Cryptopia confirmed it will be using customers’ balances held from Jan. 14 as a basis for further calculating rebates. The exchange reported that they are finalizing a rebate process for affected users, planning to release more details soon. For now, Cryptopia recommended that customers reset their passwords and two-factor authentication credentials. Following a $16 million hack in mid-January, Cryptopia had still remained in maintenance mode after the New Zealand Police reported that th..

Malaysian State to Launch Blockchain Solution to Track Agricultural Products, Says...

Malaysian official reveals that one of the country’s states is eyeing launching a blockchain platform for the needs of the agriculture industry. The Malaysian state of Penang is considering the use of blockchain technology in food and agricultural products supply chains, local English-language newspaper The Star reports on March 1. According to the country’s Deputy Minister of Agriculture and Agro-based Industries, Sim Tze Tzin, cited by the newspaper, the technology can be used for various applications in the industry. For instance, consumers would be able to track the origins of a particular product they purchase by scanning codes. Additionally, the industry can quickly warn consumers about the outbreaks of dangerous foodborne diseases. The minister also stated that the key advantage of using blockchain is that the data stored on a decentralized network cannot be altered. Moreover, Sim believes that blockchain helps to improve security, reduce operational costs and bypass middlemen...

Report: Russian State Duma to Review Crypto Regulation, Oil-Backed Crypto in...

The Russian State Duma plans to review and adopt new cryptocurrency regulation in March. The Russian State Duma (the lower house of the Federal Assembly of Russia) plans to review and adopt new cryptocurrency regulation in March. The former Energy Minister Igor Yusufov is also proposing an oil-backed crypto, Russian financial outlet Rambler reported on Feb. 21. Furthermore, Rambler reports that the head of the Energia investment-oriented corporation, former Energy Minister Igor Yusufov, also has tangible prospects for proposing an oil-backed cryptocurrency. The construction of the project’s roadmap is reportedly almost at the final stage. In an interview with Rambler, Yusufov reportedly said that the introduction of a crypto settlement system on the energy market could allow for the avoidance of costs associated with the use of not-backed-up currencies and the fluctuations of their exchange rates. He also cites savings on currency exchange commissions and trade restrictions as other..

Two Companies Used Crypto to Pay Taxes in Ohio, Says State...

Ohio state treasurer Robert Sprague revealed that the authority has collected two tax receipts via cryptocurrency to date. Two businesses in the United States state of Ohio have paid taxes with cryptocurrencies, state Treasurer Robert Sprague said in a forum on Feb. 19. Ohio became the first state to allow businesses to pay taxes with cryptocurrencies like Bitcoin (BTC) in November 2018. During a forum covering policy issues facing the state, Sprague said that the treasury has only collected two receipts for tax payments using cryptocurrencies. He did not specify the specific amount of tax payments received through cryptocurrency. With that, Sprague emphasized that the Ohio state treasury does not manage cryptocurrency themselves, clarifying that they do not accept any other currency than the U.S. dollar. The treasurer elaborated that crypto tax payments are conducted through a cryptocurrency platform which simply facilitates the exchange from crypto to fiat: “We will never accept won..
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