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US Corporate Law News: four bills aimed at promoting blockchain technology into New York assembly

7 January 2018 | Applicable law: US

Assemblyman Clyde Vanel recently introduced four legislative proposals encouraging the use of blockchain technology by New York's government. 

The first bill would amend the state's technology law to recognize signatures obtained through blockchain technology as valid electronic signatures, and would recognize "smart contracts" entered into through blockchain technology as enforceable contracts. The second bill would give New York's board of elections one year to produce a report studying and evaluating the use of blockchain technology to securitize voter records and election results. The third bill would establish a 10-member task force to assess the feasibility, economic impacts and effectiveness of implementing blockchain technology in state recordkeeping, information storage and service delivery. Such task force would have until January 1, 2019 to outline the advantages and risks associated with document management blockchain uses. The fourth bill would create a digital currency task force to provide New York's governor and legislature with information on the potential effects of digital currencies on the state's financial markets. The digital currency task force would have until January 1, 2019 to outline its findings, conclusions, recommendations and proposals necessary to implement such recommendations.

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