The previous year witnessed a major explosion in terms of the popularity associated with the blockchain technology and cryptocurrencies. Reports indicate that quite a significant number of the major watchdogs and regulators around the globe were caught off-guard and since then they have been struggling to come up with legislation for the two burgeoning sectors.
One rather notable aspect is the fact that quite a large number of people have in the recent times gotten indulged in a series of ventures related to blockchain and cryptocurrency. One notable thing is the fact that there needs to be the establishment of a series of regulations and rules to govern both innovators and investors as well.
The ever rising adoption is the reason as to why most of the regulatory bodies around the globe have been slowly yet surely spearheading several bills in line with the innovations. It has also been reported that there was a hearing conducted in the state of Nebraska that witnessed the use of terms such as cryptocurrency, the blockchain and the smart contracts.
A person familiar with the latest developments opined, “There had been voices on both sides of the aisle speaking about digital wallets, distributed ledgers, digital tokens and of course, bitcoin. It appears that for the very first time in their history, lawmakers in the Midwestern state are coming to grips with bills relating to blockchain technology.”
The bill in this particular case has much to do with two of the primary uses of blockchain technology which are digital currencies and the smart contracts. In overall, there have been about four in terms of the measures set in place by two senators and it is also worth noting that at the same time three committees are closely looking into the matter.
Senator Carol Blood is the official that set out to propose the three bills and she takes the strong standpoint that they will be moving along way helping nurture a burgeoning industry with currently boasts of monumental potential. Experts believe it could have a positive impact on the Nebraskan economy.