Alabama House Rep. Mike Shaw, R-Hoover, is set to introduce three bills related to regulating cryptocurrency and blockchain technology in the state. The first bill would allow the state treasurer to invest state funds into cryptocurrencies similar to President Trump’s Strategic Bitcoin Reserve. The second bill would define cryptocurrency as property and exempt it from state property tax. The third bill would require the state to publish all transactions over $1,000 to a public blockchain within five years to increase transparency.
Shaw believes that blockchain technology has more uses than just cryptocurrencies like Bitcoin and can be beneficial for government transparency. Alabama lawmakers have been studying the uses of blockchain and cryptocurrency technologies, with a task force established to explore regulations and possible applications.
If the bills are passed, Alabama could join other states like California in embracing blockchain technology, which has already been used to digitize car titles. The bills introduced by Shaw aim to position Alabama as one of the most cryptocurrency and blockchain-friendly states in the nation.
Lawmakers are expected to return to Montgomery on Tuesday, where Shaw will drop the three bills and open the discussion on how to regulate and utilize these emerging technologies in the state.
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