California approves bill on cryptocurrencies and blockchain
The document includes fundamental terms for the definition of active crypto, the use of blockchain technology, intelligent contracts and their potential implementation
The state of California approved Assembly Bill 2658 on August 27 amending the California Civil Code, the Government Code, the Corporations Code and the Insurance Code to establish the legal basis for technologies related to cryptocurrencies.
This initiative aims to establish the legality of the blockchain, smart contracts in internal and external trade, as well as other related aspects.
After the approval of this bill will proceed to the amendment of several important laws. Also, there will be changes in various provisions related to electronic transactions.
In accordance with the bill of law 2658, the legal provisions that define the electronic registry and the electronic signature with the aim of including a registry or an insured firm with blockchain technology will be reviewed. The term smart contract will be added to the legal definition of “contract”.
Bill 2658 had been approved in the state Senate on August 23. To become law, it must be signed by Governor Jerry Brown.
M.Pino
Source: Bitcoin.com
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