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California passes bill defining basic terms related to cryptocurrencies

California passed a bill that defined to create a legal grounds for the implementation of crypto-related technologies. Assembly Bill 2658 amends the California Civil Code.

Assembly Bill 2658 amends the California Civil Code, Government Code, Corporations Code, and Insurance Code to legalize the use of blockchain secured data and smart contracts in local and foreign commerce.

According to news.bitcoin.com:

California democrat, 32-year old Assembly member Ian Calderon has scored a notable success in his efforts to push through a draft defining basic terms related to cryptocurrencies and the underlying distributed ledger technology (DLT). The state’s legislature has recently passed his Assembly Bill 2658 which introduces legal definitions of “blockchain technology” and “smart contract”, and revises others like “electronic record” and “electronic signature” to legalize and facilitate record keeping using DLT. The draft is co-sponsored by Senate democrat Bob Hertzberg.

Here is the link for Amendment Bill 2658

Source: news.bitcoin.com

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