The bill presented before the Idaho legislature presents some legal definitions applicable to currencies and digital assets, with special emphasis that these would be considered personal property.
Yesterday, the Idaho state legislature introduced a new bill associated with cryptocurrencies, in which it proposed to give these assets legal status as personal property.
Digital currencies as personal property
According to information published in the official document, the project in question entitled “Digital Asset Law”aims to give definitions and legal status to digital currencies as Bitcoin, which will become subject to the applicable laws according to the operations and activities in which they are involved.
Among the most notable definitions considered in the bill, the following stand out:
- “digital asset” refers to a representation of economic, property, or access rights that is stored in a machine-readable format and includes a network token blockchain open source, a digital product, a digital value, a virtual currency and any other controllable electronic record.
- “digital value” means a digital asset that constitutes a security, as defined in section 30-14-102 of the Idaho Code.
- Digital assets are intangible personal property and are classified as follows:(1) Digital assets are intangible personal property and are general intangibles as defined in section 28-9-102, Idaho Code.
(2) Digital securities are intangible personal property and are investment property as defined in section 28-9-102, Idaho Code.
(3) Virtual currency is intangible personal property and is not a security, without prejudice to section 30-14-102, Idaho Code.
- BUY AND SELL: Digital assets may be bought and sold in the same manner and are subject to the same laws in this state as other personal property. A buyer or seller can be identified in any way, including their name, identification number, private key, office or account number.
Although this bill by Idaho only presents definitions applicable to these assets and is subject to more debate before becoming law, what is remarkable is that the initiative comes in the midst of a moment in which the senates and Congresses in US states are actively working on creating regulations for digital currencies.
A few days ago, the representative for the Democratic Party of Tennessee, Jason Powell, introduced before the House of Representatives local a bill so that the state and other surrounding municipalities have full power to invest in Bitcoin, cryptocurrencies and digital collectibles (NFT).
Late last month, state senator Wendy Rogers introduced a legislative proposal, numbered SB1341which would seek to amend the Arizona Revised Statutes to include Bitcoin as a form of legal tender.
For those same dates, the governor of the state of Colorado, Jared Polis, confirmed to several media outlets that he is continuing with his intention that residents have the possibility of paying their taxes with digital currencies.
Let us bear in mind that various reports published at the beginning of 2022 revealed that the administration of President Joe Biden has plans to regulate cryptocurrencies at the federal level, for which it will address the issue under the category of “National security” and will summon various agencies through an executive order to work together on this matter.
Angel Di Matteo version / DailyBitcoin
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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.