{"id":2164,"date":"2017-03-21T17:06:02","date_gmt":"2017-03-21T17:06:02","guid":{"rendered":"https:\/\/blog.holytransaction.com\/?p=2164"},"modified":"2023-01-08T08:00:15","modified_gmt":"2023-01-08T06:00:15","slug":"nevada-blockchain-taxes","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2017\/03\/nevada-blockchain-taxes.html","title":{"rendered":"Nevada stops blockchain transactions taxes"},"content":{"rendered":"<p>A <strong>new bill<\/strong> has been proposed to the <strong>Nevada Senate<\/strong> and, if it pass, will <strong>stop local taxes<\/strong> and fees on the use of a blockchain ledger, both for payments and contracts.<\/p>\n<p><a href=\"http:\/\/www.leg.state.nv.us\/Session\/79th2017\/BDR\/BDR79_59-0158.pdf\" target=\"_blank\" rel=\"noopener\">Nevada Senate Bill 398<\/a>\u00a0was filed yesterday and presented by Senator Ben Kieckhefer, who wants to create a legal level for the use of blockchain-based networks.<\/p>\n<p>Notably, this bill will also<strong> stop<\/strong>\u00a0<strong>local governments asking for taxes<\/strong> on the use of the distributed ledger or to require a special licensure in order to use it.<\/p>\n<p>This new proposed bill explains:<\/p>\n<blockquote>\n<p style=\"text-align: center;\"><em>&#8220;A local governmental entity shall not: Impose any tax or fee on the use of a blockchain or smart contract by any person or entity; Require any person or entity to obtain from the local governmental entity any certificate, license or permit to use a blockchain or smart contract; or Impose any other requirement relating to the use of a blockchain or smart contract by any person or entity.&#8221;<\/em><\/p>\n<\/blockquote>\n<p>If this bill pass, its benefits won&#8217;t be applied only to these potential economic expenses.<\/p>\n<p>Kieckhefer&#8217;s suggestion, in fact, will allow blockchain records to be used in proceedings, noting that <em>&#8220;if a law requires a record to be in writing, submission of a blockchain which electronically contains the record satisfies the law&#8221;.<\/em><\/p>\n<p><em>&#8220;A smart contract, record or signature may not be denied legal effect or enforceability solely because a blockchain was used to create, store or verify the smart contract, record or signature.\u00a0<\/em>In a proceeding, evidence of a smart contract, record or signature must not be excluded solely because a blockchain was used to create, store or verify the smart contract, record or signature,&#8221;the proposed bill states.<\/p>\n<p>Last month a similar proposal was made in Arizona, or\u00a0a further\u00a0move to legitimize the use of blockchain distributed ledger; a previous\u00a0effort was also proposed in Vermont back in 2016.<\/p>\n<p>Open your free digital wallet <a href=\"https:\/\/holytransaction.com\/app#!\/signup\">here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>A new bill has been proposed to the Nevada Senate and, if it pass, will stop local taxes and fees on the use of a blockchain ledger, both for payments and contracts. Nevada Senate Bill 398\u00a0was filed yesterday and presented by Senator Ben Kieckhefer, who wants to create a legal level for the use of [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":2,"featured_media":868,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76,101,468,542],"tags":[1383,1382,1384,1380,1381],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.6 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nevada stops blockchain transactions taxes -<\/title>\n<meta name=\"description\" content=\"Nevada Senate proposes bill to exempt blockchain ledger use from local taxes and fees, improving efficiency and adoption for payments and contracts. 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