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Home / Market News / Nevada Legally Prohibits Taxation Of Blockchain Use

Nevada Legally Prohibits Taxation Of Blockchain Use

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Passed by 21-0 the blockchain bill has been passed in the state of Nevada, one of the first of its kind as it essentially prevents a charge being levied against the use of the service. Officially relinquishing the prospect to control of the technology, considerable freedom has been passed to the individual as the state aims to make the blockchain available for all.

nevada desert

This bill prohibits a local government from: (1) imposing a tax or fee on the use of a blockchain; (2) requiring a certificate, license or permit to use a blockchain; and (3) imposing any other requirement relating to the use of a blockchain.

The state become the first to pass legislation surrounding the use of the technology although Arizona too recognized smart contracts and blockchain signatures as legally binding as physical signatures earlier this march. However the stet did restrict possibilities of blockchain technology used for tracking firearms via a ledger bill to protect the privacy and interest of the majority firearm owning population.

 

 

To conclude, the blockchain has been officially recognized as a service with the approval of the bill. Receiving legal status and governmental support to keep the service free and anonymous is the biggest step taken by any of the states in the USA. While other states have even refused to recognize the Bitcoin as a currency or have aimed to place blockchain technology under restriction and governmental monitoring, Nevada hopes to encourage the use of such technology as the state recognizes its potential to become a service which can have many financial applications although its wary of the implications such technology can have on a individual and daily frequency.

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