Date: 11 months ago   Category: Economy

California legalizes a blockchain data and smart contracts


The Californian bill creating a legal basis for legalization of blockchain technology at the state level has been approved by legislative assembly of the state and now waits for the signature of the governor.

the Californian bill creating a legal basis for legalization of blockchain technology at the state level has been approved by legislative assembly of the state and now waits for the signature of the governor.

the Merit of adoption of the document belongs to the Californian democrat Ian Calderón. The press has already christened the bill "Calderón's law", having immortalized the politician's merits. The new bill of the state allows California to introduce the legislation for connected with blockchain - technology of the sphere for legalization and simplification of conducting records with DLT use.

the Bill makes changes to the Civil code of California, the Code of corporations and the Code of insurance for legalization of use of the protected data with a binding to blockchain and smart contracts in local and foreign trade. The document is important the content of definitions of key terms and concepts of technology of the distributed register and the cryptoindustry.

First of all, the document defines blockchain as "mathematically the secured, chronological and decentralized account book or the database".

Besides, is legally fixed maintaining the property right of the legal entity which uses blockchain technology at commission of trade operations. Also the digital signature is recognized as completely lawful. Among the important key definitions which are legally stated in Calderón's law "to blockchain technology" and "smart contract". Besides, it is reconsidered the concepts "digital signature" and "electronic record". Also the bill has included a new concept of record on the basis of blockchain-technology to legalize conducting records with her use.

In fact, such legislative introduction of the key concepts blockchain of the industry means transition of the cryptocurrency sphere to the new, official level of existence.

Some states of the USA don't intend to lag behind in legalization of innovative technologies and have signed bills which form working blockchain-groups. At the beginning of summer the governor of Connecticut has signed the bill, for creation of the working group on development of the plan of creating favorable conditions for blockchain industry in the state. In May the legislature of the State of New York has passed to consideration of the similar bill to create purposeful blockchain group.

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