Utah lawmakers set to think about a number of cryptocurrency payments this session

As Utah lawmakers meet for the legislative session subsequent week, they will think about a minimum of three payments coping with cryptocurrency.

Some really feel Utah is well-positioned to capitalize on this rapidly-growing business.

“We like to be on the forefront. We’re pioneers,” stated Mick Hagen, CEO and founding father of Utah-based Genesis Block. “We’ve got that pioneer heritage.”

Hagen’s firm primarily gives digital banking utilizing Bitcoin and different cryptos. His enterprise depends on blockchain expertise, which is sort of a database or ledger that proves possession of a digital asset.

“I believe there’s a huge alternative for the business in Utah,” Hagen stated.

Sen. Kirk Cullimore (R-Sandy) agrees. He’s operating a invoice throughout the upcoming legislative session addressing property rights on blockchain.

“What it’s making an attempt to do is set up the framework in state regulation for the way we acknowledge these property rights and the rights of these transactions,” Cullimore instructed KUTV 2News.

Two different payments this session come from Rep. Jordan Teuscher (R-South Jordan). One permits cryptocurrency as a way for presidency funds. The opposite units up a activity pressure to see how the state can innovate and incorporate blockchain expertise.

Despite the fact that this expertise might not be acquainted to many – Pew Analysis Heart estimated about one in six Individuals has invested in or used cryptocurrency – Cullimore stated it’s evolving shortly, and the state must be ready.


“Like something new, there’s a number of questions on it,” Cullimore stated. “The early 90s, perhaps, folks had these similar kind of questions concerning the web.”

Hagen, the tech entrepreneur, feels Utah has an opportunity to make an impression on this burgeoning subject.

“Utah has a chance to be on the forefront of making very pleasant crypto laws which is able to appeal to companies,” Hagen stated. “It is going to appeal to builders and entrepreneurs and creators, and in the end, it should create doubtlessly tens of 1000’s of jobs right here regionally.”

The three cryptocurrency-related payments are nonetheless being drafted. The legislative session begins Tuesday and runs 45 days.

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