State of New Hampshire Governor Signs Bitcoin MSB Exemption into Law

By June 9, 2017Bitcoin Business
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State of New Hampshire Governor Signs Bitcoin MSB Exemption into Law

The state of New Hampshire has officially proven itself as one of the Bitcoin-friendly states. On March 9, 2017, the House of Representatives passed a bill that will effectively exempt those using virtual currencies from registering as money transmitters based on the public records showing Governor Chris Sununu signing it into law on June 2.

In the past, New Hampshire legislators also proposed a bill to accept Bitcoin payment in taxes and to completely deregulate Bitcoin.

Exemptions from regulations

The text of the bill is to exempt “persons conducting business using transactions conducted in whole or in part in virtual currency” from the state’s money transmitting regulations.

The bill is remarkable since it has strong grassroots of support in the state. However, top regulators have predominantly blasted it during its public hearings. With the hearing held last April, advocates strongly appeal to the legislators to approve the measure, while the other party, representatives from the state’s Banking and Justice Departments wants it to be abolished.

State lawmakers were divided by the bill and it was witnessed during the vote held last March.

The House of Representatives had a 185-170 margin. On April, when the measure was raised to the Senate, public records show that it passed with a 13-10 votes. This law will be effective by the August 1, 2017.

In other states

Meanwhile, there’s still uncertainty about the future of Bitcoins in the US. On March 11, SEC rejected the Winklevoss Bitcoin Trust ETF. Yet, instead of losing its value, it grew stronger and went confidently high. Due to the recent turn of events, they decide to review its rejection.

Recently, the state of Montana funded a local Bitcoin project to help. In New Hampshire, the Governor signed a bill that excludes digital currency traders from the state’s money transmitting rules.

Other countries

With the increasing interest in Bitcoins, investors are keeping tabs on how laws and policies around the world are being shaped by the Blockchain technology. In fact, the Australian government thinks that it will have a profound impact in the country’s economy.

Japan approved Bitcoin as a legal form of payment on April 1, 2017 and with that the domino effect was Blockchain technology increased its credibility to its digital currencies. The third largest economy in the world on Gross National Product did gave such recognition to Bitcoin which build its trustworthiness and credibility to rise.

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