State of Maryland Seeking to Usher In Blockchain Regulations 🚨 This article is 7 years old...
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State of Maryland Seeking to Usher In Blockchain Regulations
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Updated: Apr. 17, 2019 at 11:10 am UTC
Photo by Nicole Harrington on Unsplash
In what can only be perceived as a step in the right direction, the US state of Maryland has tabled two bills that will look to study and possibly regulate blockchain technology.
While nothing is set in stone, House Bill 1634 and Senate Bill 1068 will get the Financial Consumer Protection Commission to assess the potential of this technology and see whether it can be implemented for government use.
As per the bills, the Maryland FCPC will study:
- Cryptocurrencies, initial coin offerings, cryptocurrency exchanges, and other blockchain technologies
- Practical methods to introduce regulations within the domain of virtual currencies.
Since Maryland has steered clear of any crypto or blockchain regulations up until now, this move comes as a bit of a surprise.
The last time the state was involved in any such activities was in 2014 when legislators looked to warn residents about the pitfalls of investing in Bitcoin and other similar alt-assets.
Times have since changed and with Bitcoin freshly crossing the $9000 mark, governments all across the globe are now faced with the imminent reality of widespread cryptocurrency adoption.
In recent months, Tennessee, Arizona and a whole host of other US states have introduced blockchain regulations so as to not only foster digital innovation but also bring in investments from local and international crypto enthusiasts.
For example, Wyoming is offering currency miners with an array of monetary exemptions in order to promote the state’s image as being “crypto friendly”.
As far as the recent Maryland legislation goes, the tabled bills have not defined a definitive course of action in regard to cryptocurrencies.
But with many US states realizing the financial possibilities being offered by the blockchain, it is only a matter of time till we start seeing such news crop up on a regular basis.
Posted In: US, Regulation
