Tuesday, May 17, 2022
HomeBitcoin NewsIdaho state introduces bill to define digital assets as personal property

Idaho state introduces bill to define digital assets as personal property

The Idaho state legislature introduced a new bill associated with cryptocurrencies, in which it proposed to grant these assets legal status as personal property.

The bill will be titled “Digital Assets Act” and aims to grant definitions and legal status to digital currencies such as Bitcoin, which will become subject to applicable laws according to the operations and activities in which they are involved.

Among the most noteworthy definitions considered in the bill, the following stand out:

“Digital asset” means a representation of economic, property or access rights that is stored in a computer-readable format and includes an open Blockchain network token, a digital product, a digital security, a virtual currency and any other controllable electronic record.

“Digital security” means a digital asset that constitutes a security, as defined in section 30-14-102, Idaho Code.

Digital assets are intangible personal property and are classified as follows:(1) Digital assets are intangible personal property and are general intangibles as defined in section 28-9-102, Idaho Code.

(2) Digital securities are intangible personal property and are investment property as defined in section 28-9-102, Idaho Code.

(3) Virtual currency is intangible personal property and is not a security, notwithstanding section 30-14-102, Idaho Code.

BUYING AND SELLING: Digital assets may be bought and sold in the same manner and are subject to the same laws of this state as other personal property. A buyer or seller may identify themselves in any manner, including their name, identification number, private key, office or account number.

Statewide Regulations

The bill only presents definitions applicable to these assets and is subject to further debate before becoming law.

And it is beginning to be discussed at a time when senates and congresses in U.S. states are actively working on creating regulations for digital currencies.

A few days ago Tennessee Democratic Party Representative Jason Powell introduced before the local House of Representatives a bill to give the state and other nearby municipalities full power to invest in Bitcoin, cryptocurrencies and digital collectibles (NFTs).

Late last month, state Senator Wendy Rogers had introduced a legislative proposal, numbered SB1341, that would seek to amend the Arizona Revised Statutes to include Bitcoin as a form of legal tender.

Around the same time, Colorado Governor Jared Polis confirmed to several media outlets that he is moving forward with his intention to allow residents to pay their taxes with digital currencies.

Let’s keep in mind that several reports published in early 2022 revealed that President Joe Biden’s administration has plans to regulate cryptocurrencies at the federal level, for which it will address the issue under the category of “National Security” and will summon various agencies through an executive order to work together on this matter.

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