State of New Hampshire Governor Signs Bitcoin MSB Exemption into Law

The state of New Hampshire has officially proven itself as one of the Bitcoin-friendly states. On March 9, 2017, the House of Representatives passed a bill that will effectively exempt those using virtual currencies from registering as money transmitters, with Governor Chris Sununu enacting the law on June 2, according to public records.

In the past, New Hampshire legislators have also proposed a bill to accept Bitcoin payments in taxes and to completely deregulate Bitcoin.

Exemptions from regulations

The text of the bill is to exempt “persons conducting business using transactions conducted in whole or in part in virtual currency” from the state’s money transmitting regulations.

The bill is remarkable since it has strong grassroots of support in the state. However, top regulators have predominantly blasted it during its public hearings. In a hearing held last April, advocates strongly appealed to the legislators to approve the measure, while the other party, representatives from the state’s banking and justice department, wanted it to be abolished.

State lawmakers were divided by the bill and it was witnessed during the vote held last March.

The House of Representatives held an 185-170 margin and in April, when the measure was raised to the Senate, public records show that it passed with a vote of 13-10. The legislation will come into effect on August 1, 2017.

In other states

Meanwhile, there’s still uncertainty about the future of Bitcoins in the US. On March 11, the SEC rejected the Winklevoss Bitcoin Trust ETF. Yet, instead of losing its value, it grew stronger and went confidently high. Due to the recent turn of events, they have decided to review the rejection.

Recently, the state of Montana provided funds to a local Bitcoin mining project as a part of its efforts to boost employment in the region. In New Hampshire, the governor signed a bill that excludes digital currency traders from the state’s money transmitting rules.

Around the world

With an increasing interest in Bitcoin, investors are keeping tabs on how laws and policies around the world are being shaped by Blockchain technology. In fact, the Australian government believes that it will have a profound impact on the country’s economy.

In addition, Japan recently approved Bitcoin as a legal form of payment on April 1, 2017. Japan is the third largest economy in the world, based on gross national product, and such recognition and acceptance of the digital currency will, in turn, further strengthen the trustworthiness and credibility of Bitcoin. This domino effect has meant that Blockchain technology has given greater credibility to its digital currencies.


Follow us on Facebook