Advertise
CoinTrust
BTC
ETH
BCH
SOL
DOGE
SHIB
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
No Result
View All Result

Home » Blockchain Technology Act Tabled In House of Illinois

Blockchain Technology Act Tabled In House of Illinois

Kate Leaman by Kate Leaman
Mar 7, 2018
in News
Reading Time: 2 mins read
0

A legislative bill tabled in the Illinois House of Representatives aims to prevent local governments from restricting individuals and enterprises use of blockchain technology and smart contracts. The Illinois House Bill HB5553 was tabled by Rep. Michael Zalewski under the title “Blockchain Technology Act.”

While Section 5 defines blockchain, cryptographic hash, and smart contracts, Section 10 elaborates on smart contracts and provides guidelines regarding its use. Notably, section 15 also clearly provides limitations to the use of blockchain as follows:

“If parties have agreed to conduct a transaction by use of a blockchain and a law requires that a contract or other record relating to the transaction be in wriing, the legal effect, validity, or enforceability of the contract or other record may be denied if the blockchain containing an electronic record of the transaction is not in a form that is capable of being retained and accurately reproduced for later reference by all parties or other persons who are entitld to reain the contract or other record.”

Finally, Section 20 lays down restrictions on local governments:

A unit of local government shall not:
(1) impose any tax or fee on the use of a blockchain or smart contract by any person or entity;
(2) require any person or entity to obtain from the unit of local government any certificate, license, or permit to use a blockchain or smart contract; or
(3) impose any other requirement relating to the use of a blockchain or smart contract by any person or entity.

The Bill also states “A home rule unit may not regulate a blockchain or smart contract in a manner inconsistent with the regulation by the State of a blockchain or smart contract under this Act.”

Similar bills have been tabled in the assembly of California, Wyoming, Arizona and a few other states. Globally, countries such as Switzerland, Spain, Australia, and Russia are trying to establish a clear cryptocurrency framework that encourages innovation, while preventing the misuse of distributed ledger technology.

Previous Post

Cambodia Mulling Launch Of Cryptocurrency Entapay

Next Post

TRON Enters Into Strategic Partnership With Gaming Platform BitGuild

Related Posts

BTQ Technologies

BTQ Unveils Quantum PoW Simulator for Digital Asset Security

by Kelly Cromley
Jul 8, 2025
0

BTQ Technologies Corp., a global leader in quantum technology, has launched its Quantum Proof-of-Work (QPoW) Simulator, a publicly accessible platform...

Pundi AI

Pundi AI Transforms Datasets into Tradeable Crypto Assets

by Kelly Cromley
Jul 8, 2025
0

Singapore-based Web3 firm Pundi AI has introduced a novel feature called Data Pump, designed to convert AI training datasets into...

terminus network partners with velmora

Terminus and Velmora Join Hands to Advance IoT and DeFi Synergy

by Kelly Cromley
Jul 8, 2025
0

Terminus, a leading player in the crypto exchange sector, has unveiled a new strategic partnership with Velmora, a platform recognized...

aurora-mobile-partners-with-hashnut

Aurora Mobile Partners with HashNut to Advance Web3 Payments

by Kelly Cromley
Jul 8, 2025
0

Aurora Mobile Limited, a prominent player in China's customer engagement and marketing technology sector, has entered into a strategic partnership...

qitmeer-partners-with-catalyst-ventures.

Qitmeer and Catalyst Ventures Unite to Drive Ethical Web3 Growth

by Kelly Cromley
Jul 8, 2025
0

Qitmeer Network, a forward-looking public blockchain platform rooted in Islamic finance principles, has formed a strategic partnership with Catalyst Ventures,...

etherscan-unveils-hyperevm-scan

Etherscan Launches HyperEVM Scan to Boost Web3 Transparency

by Kelly Cromley
Jul 8, 2025
0

Etherscan, widely regarded as a leading blockchain data provider for the Ethereum network, has introduced a new dedicated block explorer...

Next Post
TRON Enters Into Strategic Partnership With Gaming Platform BitGuild

TRON Enters Into Strategic Partnership With Gaming Platform BitGuild

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Collé Ai

    Collé: Pioneering AI Web3 Platform Receives Investment Boost from BlackRock

    by Kelly Cromley
    May 13, 2024
  • Router Protocol and OpenWorldSwap Partnership to Revolutionize DEX Market

    by Kelly Cromley
    Aug 6, 2024
  • Central Bank of Saudi Arabia Teams Up with Ripple to Transform Cross-Border Settlements

    by Kelly Cromley
    Aug 17, 2023
  • GameStop’s Digital Transformation: Embracing Blockchain and NFTs

    by Kelly Cromley
    Feb 2, 2025
  • Blockchain Based Sports Platform SportsMint Unveiled

    by Kelly Cromley
    Apr 30, 2024

Recent News

BTQ Technologies
Market News

BTQ Unveils Quantum PoW Simulator for Digital Asset Security

by Kelly Cromley
Jul 8, 2025
Pundi AI
Market News

Pundi AI Transforms Datasets into Tradeable Crypto Assets

by Kelly Cromley
Jul 8, 2025
terminus network partners with velmora
Market News

Terminus and Velmora Join Hands to Advance IoT and DeFi Synergy

by Kelly Cromley
Jul 8, 2025
aurora-mobile-partners-with-hashnut
Market News

Aurora Mobile Partners with HashNut to Advance Web3 Payments

by Kelly Cromley
Jul 8, 2025
qitmeer-partners-with-catalyst-ventures.
Market News

Qitmeer and Catalyst Ventures Unite to Drive Ethical Web3 Growth

by Kelly Cromley
Jul 8, 2025

Categories

  • Altcoin News
  • Analysis News
  • Binance Coin News
  • Bitcoin News
  • Blog
  • Cardano News
  • Ethereum News
  • ICO News
  • Legislation News
  • Market Forecasts
  • Market News
  • News
  • Ripple News
  • Solana News
  • Tether News
Trustpilot

Cointrust

  • About Us
  • Contact Us
  • Correction Request
  • Our Team

Legal

  • Disclaimer
  • Terms & Conditions
  • Privacy Policy
  • Cookie Policy

Popular

  • ICO Listings
  • Knowledge Base
  • All about Mining
  • Cryptocurrency Exchanges
  • How and Where to buy Cryptocurrency

Sitemap

  • News section
  • Sitemap
  • XML Sitemap

© 2024 CoinTrust.com.

CoinTrustCoinTrust

* DISCLAIMER: All information provided in CoinTrust is merely for informational purposes, we are not an investment advisor and not affiliated with any companies or ICO/Cryptocurrency Projects. To use this website you must accept our cookie policy, Disclaimer and Privacy Policies.

No Result
View All Result
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos

© 2024 CoinTrust.com.

We use cookies to ensure that we give you the best experience on our website.
If you continue to use this site you agree to allow us to use cookies, in accordance with our Cookie Policy.
I Agree