California Bill Would Provide Blockchain Data Legal Status

A lawmaker from California has introduced a bill that, if passed, would update the state's electronic records laws to account for blockchain signatures and smart contracts
21 February 2018   487

Assembly Bill 2658 was submitted by Assemblymember Ian Calderon last week. The bill expands the definition of electronic records and signatures. The bill, if passed, would include records and signatures on the blockchain

A record that is secured through blockchain technology is an electronic record.

According to the existing law, a record or signature may not be denied legal effect or enforceability solely because it is in electronic form. A contract may not be denied legal effect because an electronic record was used in its formation.

The bill, if passed, would make a signature on a blockchain legally enforceable.

According to the bill, it addresses data storage on the blockchain and proposes that individuals who choose to use a blockchain to secure personal information should retain the rights of ownership to their information.

California is not the first to introduce such kind of legislation. Last month representatives in Florida introduced similar legislation. Last year lawmakers in Arizona passed a bill that provided blockchain data and smart contracts with legal status.

Bitfinex to Launch New Improved Fiat Deposit System

New system of deposists supports 4 popular currencies and requires KYC procedure completion
17 October 2018   94

Bitfinex Cryptocurrency Exchange has introduced a new system for fiat currencies deposits: the US dollar (USD), the British pound (GBP), the Japanese yen (JPY) and the euro (EUR). Now, the users who have completed the KYC procedure will create an application, indicating the deposit amount and currency, and the platform representatives will consider it within 48 hours.

Then, if approved, users will be sent the recipient's bank data, and the deposit itself will be credited to the account within 6-10 business days.

In this case, the minimum threshold of $ 10,000 was not abolished.

Earlier, Bitfinex had an anomalous growth of Bitcoin to the level of $ 7,788, which was associated with the possible collapse of Tether.

Nevertheless, the USDT price also stabilized, and representatives of the issuer said that the tokens were fully secured.