A partner of bills submitted to Michigan’s state legislature would make it a violation to illegally alter a blockchain record.
One of two bills presented earlier this month by structure representative Curt WanderWall tweaks the state’s penal code pertaining to those who “rearranges, alters, forges or counterfeits a public record.” Under the proposed legislation, this devise be extended to “a person that accomplishes a violation…by altering a record affirmed utilizing distributed ledger technology.”
The legislation doesn’t offer any set examples of what this means, nor is it clear what, exactly, drove the creation of the bills.
Another piece of legislation offered up this month in Michigan fastens similar changes for crimes involving credit cards. Like the untimely bill, it extends an existing definition to cover the technology.
“‘Financial arrangement device’ means any of the following…Any instrument…or other means of access to a put account or deposit account including through the use of cryptocurrency or distributed ledger technology.”
If out, the amendatory acts of House Bill 6257 and 6258, both presented June 12, would take effect 90 days after being portrayed into law.
Today, the state of Michigan has no specific regulations on cryptocurrencies.
Though, guidance from the Michigan Department of Treasury back in a newsletter from November 2015 explains “obtains of virtual currency… are not subject to sales or use tax.”
In addition, Michigan State Attorney Heterogeneous, Bill Schuette, previously issued a consumer alert warning all residents that “effective currency carries a significant amount of real-life risk.”
Police car impression via Shutterstock.
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