Is Blockchain on the Way to Be Legalized?

Last Modified:15 May 2019 05:13:38
Is Blockchain on the Way to Be Legalized?

Last week was hunky-dory for the world of Blockchain and its belongings. Why? In addition to the fact that cryptocurrencies have passed a good status, Blockchain has advanced towards becoming legalized. Washington state has decided to recognize using ledger technology, wallets of digital currencies and Blockchain network. It is some time that Washington has addressed investigating different dimensions and angles of Blockchain technology and these evaluations seemingly result in positive achievements.

Legislators Stand Next to New Technologies

American legislators believe in developing Blockchain-based technologies and intend to not to caught in the storm of changes they will make through advertisement and supporting it; on the contrary, they would like to succeed in growth and bloom along with this flow. According to the rules enacted in Washington, doing different activities and transactions in Blockchain infrastructure is recognized valid and legal. Being digital the transactions and communications do not avoid their prosecution, and in fact, there is a kind of legality in this regard.

Why Do Rules Pay Attention to Blockchain?

Blockchain technology and its belongings are entering a wide range of activities. Many of financial affairs, payment or commercial trades are being tracked through cryptocurrencies. Furthermore, Blockchain has the capacity and possibility of entering into different areas such as treatment, medication, and education. Then, the best decision in new technologies is examining different aspects and getting to a solution in legalizing related measures to it. The growth of accepting Blockchain and digital currencies in different states of America goes ahead with an acceptable speed. About two months before, in Tennessee, U.S., some rules were enacted by virtue of which, smart contracts and Blockchain technology were officially accepted too.

If it is supposed to use cryptocurrencies in various trades and communications, there is a need for legislatures to legalize these affairs. The United States has well understood that the cryptocurrencies are developing and whether the states accept or not, they will find their way to the world of trade, science, technology, economy, and communications more and more. Hence, in fully-pioneer measures, they have set exact rules and regulations in this regard and are further evaluating the atmosphere and ecosystem of Blockchain.

How Will the Rules Be in the Future?

With the wide acceptance of Blockchain and cryptocurrencies in the future, terms such as paying tax will surely be mentioned. Paying taxes for digital assets will probably be one of the issues of interest of the states such as the U.S.

The U.S. is not the only country which has taken legal measures in the field of Blockchain and cryptocurrencies. There are other countries such as Russia and China which have looked more deeply at this newfound issue too. What is clear is the penetration and effectiveness of new technologies such as Blockchain in the current world. These dramatic developments in the tools, as well as information and communication networks, will cause an exact and strong evolution in human life in the coming years that we should wait and be prepared for them.