New legislation to regulate blockchain and cryptocurrencies proposed in Vermont

Senator Alison Clarkson (D) from Vermont has proposed legislation that outlines a use case for government-based cryptocurrency solutions
09 January 2018   540

Blockchain technology is rapidly gaining popularity in different aspects of real life and production. Pharmacologists and food suppliers are looking into ways to implement digital ledgers. So, no wonder, that the new round of legislation got proposed last week in Vermont to regulate and harness blockchain.

Alison Clarkson, the Windsor District Democrat, proposed a new bill detailing the use of digital assets tethered to blockchain and various digital currency solutions. Two most interesting parts are sections twelve and thirteen.

Section thirteen calls for research and report on risks and benefits of adopting blockchain technology and cryptocurrency operations in Vermont state government. This report will be reviewed various government officials and members of the Vermont Law School. Also Clarkson wants to create a dedicated cryptocurrency research and fintech Summit to explore opportunities that promote financial technology and economic development in the private sector, including in the areas of banking, insurance, retail and service businesses, and cryptocurrency providers and proponents, as quoted from the bill, published on Vermont government website.

Section twelve, in turn, is more along the regulatory lines. It talks about digital currency LLCs' physical presence in the state, taxation and possible exemptions for such companies. This section proposes the ability to pay taxes in cryptocurrency, if the company resides in Vermont. The S.269 proposal follows:

A digital currency limited liability company shall remit to the State in the form of its digital currency a transaction tax equivalent to $0.01, at the then current exchange rate for the currency with the U.S. dollar, per transaction for: each unit of currency mined or otherwise created; and each sale or other transfer of one or more units of currency.

Bitfinex to Launch New Improved Fiat Deposit System

New system of deposists supports 4 popular currencies and requires KYC procedure completion
17 October 2018   114

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.