Oklahoma lawmaker launches bill to create crypto deposit for government use
A bill has been submitted in the US state of Oklahoma to establish a new type of financial institution authorized by the state that will be “the central depository of the virtual currency used by government agencies in this state.” The new establishment aims to provide financial and technical services Services to innovators and encryption developers.
Cryptography deposit proposed to the government
Legislator presented a bill in the US state of Oklahoma. UU. which seeks to create a government crypto deposit. Senate Bill 1430, written by Senator Nathan Dahm, was introduced on January 15, according to the government’s website. His first reading is scheduled for February 3. The bill says the following:
“The legislature authorizes the State Banking Department and the Oklahoma Department of Commerce to coordinate and develop plans to establish a new type of financial institution that is a state-authorized financial institution and the central virtual currency deposit used by the agencies government in this state ”
“The purpose of this new financial institution authorized by the state will be to provide valuable financial and technical services to the innovators and developers of blockchain and virtual currency,” details the text of the bill. In addition, he states that “Oklahoma is committed to partnering with innovative technology, helping to develop next-generation financial products and safely developing unique technical and financial sectors in this state.”
The proposed entity will be designed to easily integrate into existing regulations of banking and financial institutions and “have the highest level of experience with customer identification, anti-money laundering components and real beneficiaries,” adds the bill. It will also be “fully compatible with blockchain technology and innovations.” This law will take effect on November 1, 2020, and the plans and implementation strategy must be submitted before July 1 of next year.
Other bills related to cryptography in Oklahoma
Senator Dahm authored another bill related to cryptography that was presented in Oklahoma on January 25, 2019. Senate Bill 843 had its first reading on February 4 and the second reading on February 7, but he has not seen any progress since then. According to the State Securities Department, this bill follows the HB 70 model approved by the Wyoming legislature last year.
Senate Bill 843 states that “a developer or seller of an open blockchain token will not be considered the issuer of a guarantee and a person who facilitates the exchange of an open blockchain token will not be considered a broker if certain conditions listed by the document are met. ”The State Department of Securities has analyzed the fiscal impact of this bill on its revenues, but concluded that it is not determinable since the issue is new in the state regulatory framework.
In April last year, the state passed Senate Bill 700, which Dahm co-authored. Modify the definition of “electronic record” and “electronic signature” within the Uniform Electronic Transactions Law to include records or signatures secured through blockchain technology. The bill was approved by the governor on April 25, 2019.
Blockchain-bitcoin technology has the advantages of being the genesis of the modern financial industry, specialized people who can glimpse the facilities, opportunities in terms of innovation, have an open mind to generate wealth and value chain. New notices are expected.
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