Iowa introduces new bill for blockchain and smart contracts
Ed Drake, CoinGeek
Feb 16, 2021
Iowa has introduced new legislation which recognizes in law use cases for blockchain and smart contracts, introducing a legal footing for the technology for the first time in the state.
Senate Bill 303 is described in the preamble as 揳n act relating to electronic transactions by permitting the use of distributed ledger technology and smart contracts?in the state of Iowa.
Presented earlier this week by Republican State Senator Mark Lofgren, the bill introduces parity of legal status for smart contracts as other forms of secure records, unless explicitly stated to the contrary.
The bill also expands the state抯 definition of a 揷ontract?to include smart contracts and other agreements secured by distributed ledger technology. As a result, the bill means no contract would be considered illegitimate by virtue of being a smart contract...
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