Blockchain adoption is getting popular with time. The technology which runs through cryptography is the knowledge behind the launch of the most popular cryptocurrency Bitcoin (BTC). Various organizations and governments are accepting the importance to change the internal processes which are running for a very long time. In order to boost the economic strength of the countries, many representatives and institutional ventures are also coming forward and urging the governments to change the existing conventional processes. Blockchain has given the resistance that can be applied towards the modification of the important data and accurate verification can be executed in an efficient way.
Many acknowledged that blockchain is the game-changing innovation that can reshape the entire industry.
Following the direction of welcoming the revolution, Republican Rick Carfagna, the state representative for the 68th District of the Ohio House of Representatives, recently introduced a bill towards the adoption of dlt and blockchain technology, asking government delegates and the state government to embrace the revolutionary competence for the upliftment of the country.
The new move would reportedly help Cleveland, the 2nd largest city of Ohio having a population of approx.… 385,525, to build a legal framework towards the adoption of the new and radical technologies. This step is indeed crucial if, Ohio wants to be a crypto-friendly state of the United States. The major change has also the potential to help the innovative tech entrepreneurs to come up with the new invention and in the process transform the state into a complete blockchain hub.
Federal Securities Laws & Exemption For Cryptocurrencies
On April 19, Warren Earl Davidson, an American politician from the state of Ohio and the state member of the United States House of Representatives, in an attempt of embracing digital assets introduced the federal legislation and proposed the exemption for cryptocurrencies and ICOs from US securities laws.
Last year in December, Davidson emphasized the importance of the acceptance of cryptocurrencies and recommended the avoidance of having excessive rules and regulations that would curb the mushrooming innovation due to ignorance and fear.
Davidson while stressing on the adoption of cryptocurrencies and expressing his sentiments said, “ In this innovative space, in order to continue the American leadership, it is important for America to win. The blockchain technology and the virtual currencies are the catalyst and possessing the profound potential which is crucial for economic growth. That’s why we must understand that success can only be possible when we accept innovation and embrace it for the benefit of the nation. At this point in time, the United States must be at the forefront.”
Ohio Encouraging Tech Entrepreneurs
In August 2018, Governor John Kasich, an American politician, who served as the 69th Governor of Ohio from 2011 to 2019, signed a bill which documented the use of blockchain-based transactions as having legal bearing in a court of law and made Ohio one of the first U.S. states providing legal protection to the new ventures who are developing new use cases while deploying blockchain technology.
Reportedly, Ohio became the first US state to allow establishments to pay taxes using bitcoin.