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   230

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.

Cryptocurrency to be Regulated in France

French Ministry of the Economy and Finances creates working group to regulate cryptocurrency
22 March 2018   120

Bruno Le Maire, the French Minister of the Economy, announced the government initiative to constitute the instructions and regulations towards cryptocurrency. The group is also aimed to decrease the influence of Bitcoin and altcoins to the formal system of economy with the help of required concept. These measures would help French government to prevent tax avoidance and some other criminal activities (such as money laundering).

In an op-ed that was published in French media this week the Minister of the Economy Bruno Le Maire made a promise not to miss the blockchain revolution. He refined the reasons of the French authorities`decision to regulate the technology. According to his point of view, it is impossible for any consumer or entrepreneur to carry out a transaction, invest, develop in business being in a regulatory vacuum. The Minister also put this position on the top among the rest questions to be discussed at G20 Summit in Buenos Aires. Bruno Le Maire is sure that the role of France is to be a driving force in “building the world of tomorrow”.

The Minister is going to present his case at the G20 Summit in 2018 in Argentina. He hopes that the framework can help in decreasing illegal activity in cryptocurrencies. Le Maire also explained that the sphere of digital funds is extremely attractive for criminals.

The leader of the working group is Deputy Governor of the Central Bank of France Jean-Pierre Landau. The French Central Bank supports the Government and hopes there would be no negative impact and consequences for the traditional economy system.

The key object of cryptocurrency regulation is to limit various negative factors in the financial sphere caused by digital money, such as the price volatility. Le Maire claims that at the same time the regulation of the cryptocurrency can support the development of the technology and can even lead to the economic growth. As blockchain can destroy not only traditional daily practices in banking and financial markets, but also patents and certified acts, the French Minister of Economy urges that the working group should foresee all these changes and become “actors of this revolution”, instead of simple viewers.