The legislator from the American state Tennessee Jason Powell proposed to officially legalize bitcoin and other cryptocurrencies as payment methods.
“We are not just competing with other states in this space, we compete with the whole world. I want to achieve that, Tennessee was standard and legal for blockchain. It is important to show that the state supports this technology that we want to be leaders in this innovative area”
— Powell stated.
The bill offered by him means the assignment of the legal status both to cryptocurrencies, and smart contracts. Besides, amendments have to protect the property right to information recorded in blockchain.
According to Powell, despite present instability in the market of cryptocurrencies, technology on which digital assets are based are not just “soap bubbles”, and Tennessee has to be on a front line of innovations.