![]() Arkansas clarified control of virtual currency under the Uniform Commercial Code and amended the Uniform Money Services Act to include virtual currency. For example, Arizona created a blockchain and cryptocurrency study committee. ![]() Seventeen states enacted legislation or adopted resolutions. Thirty-three states and Puerto Rico have pending legislation in the 2021 legislative session. Miners are awarded digital currency, like Bitcoin, Ripple, Dogecoin, and Litecoin, in exchange for verifying each transaction and adding it to the blockchain. All digital currency transactions are recorded in a virtual public ledger called the “blockchain,” which is maintained by digital currency “miners.” These miners can be anyone, anywhere in the world, who is willing to invest in the specialized computer hardware needed to rapidly process complex computations. Rather, Bitcoin and other cryptocurrencies are a form of digital currency used in electronic payment transactions-no coins, paper money or banks are involved there are zero to minimal transaction fees transactions are fast and not bound by geography and, similar to using cash, transactions are anonymous.ĭigital currencies are stored in digital wallets, which are software or apps installed by users on their computer or mobile device.Įach digital wallet contains encrypted information, called public and private keys, that is used to send and receive the digital currency. The lack of a physical token to count and hold may confuse some. government or any other government or central bank. Unlike dollar bills and coins, cryptocurrencies are not issued or backed by the U.S. Law, Criminal Justice and Public Safetyĭigital or virtual currencies are a medium of exchange but are not regular money.Communications, Financial Services and Interstate Commerce.E-Learning | Staff Professional Development.Research, Editorial, Legal and Committee Staff.Legislative Staff Coordinating Committee.Institute for International Cooperation.
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