Utah State Legislature recently stepped up to show its magnanimous support to Bitcoin — the world’s first decentralized cryptocurrency.
As per the new bill proposed by Rep. Marc K Roberts, Utah lawmakers are open to accept Bitcoin as a “valid form of payment.” The bill (house resolution) spoke highly about the digital currency’s promising benefits for the people of Utah — be it free-market capitalism or lower transaction fee.
The bill therefore proposed the formation of a special council to study the possibility of such an unusual integration. “The Legislature and the Governor,” it said, “propose the creation of the Council on Payment Options for State Services to study whether and how the state could accept bitcoin as a valid form of payment.”
In the process of finding the legal limitations of Bitcoin, the council will need to identify any obstructive Fed or State law that will/would affect Utah’s ability to embrace Bitcoin as a payment method. Indeed there will be many, considering the recent scandals that digital currency has found to be involved in. The state government has thus also asked Bitcoin veterans and supporters to come and be the part of the aforementioned council. A good counter-argument will indeed add some steps towards a better conclusion.
Needless to say, the State of Utah has always been ahead in encouraging industrial and innovative technological entrepreneurship. In times when most of the US states are going draconian on Bitcoin (read BitLicense), Utah is hoping to attract talented and educational businesses under its wing.
This indeed benefits the Bitcoin industry as a whole. Businesses, finding it difficult to breathe in other states, might simply pack their bags and move to Utah to explore a flexible, Bitcoin-friendly environment. This also applies to foreign companies as well.
If passed in its original form, this Bitcoin bill could be great case study for the rest of the world — showing how decentralization could function under a neat legal framework.