Skip to main content Liberty Events in New Hampshire Your browser (Internet Explorer 7 or lower) is out of date.It has known security flaws and may not display all features of this and other websites.Learn how to update your browser .New Hampshire exempts bitcoin from money transmission regulations BY ON June 08, 2017 After months of debate, a bill that exempts traders of digital currencies like bitcoin from New Hampshire’s money transmission regulations is now a law.Chris Sununu signed House Bill 436 into law last June 2, more than a month after state senators passed the bill.First introduced in January, HB436 seeks to create an exemption from money transmission requirements for “persons conducting business using transactions conducted in whole or in part in virtual currency,” which it defines as a “digital representation of value that can be digitally traded and functions as a medium of exchange, a unit of account, or a store of value but does not have legal tender status as recognized by the United States government.” The bill enjoyed support from grassroots advocates, but also drew flak from state officials who blasted the proposal during public hearings.

Despite this, HB436 cleared the House of Representatives by a 180-170 margin in March and passed the State Senate by a 13-10 vote in April.The law will go into effect on August 1, 2017.Other states should take notice The newly-signed bill marked a stark difference on how New Hampshire views digital currency compared to other U.S.original bitcoin faucetWhile New Hampshire pushed to, essentially, deregulate activities involving digital currencies like bitcoin, other states have been beefing up rules for people who engage in similar activities in their jurisdictions—prompting bitcoin companies to withdraw their services.litecoin chart calculatorBitfinex, for instance, stopped offering its services to residents of the state of Washington in March after the state’s Department of Financial Institutions (DFI) required them to obtain a state money transfer license before offering the services to Washington state residents.texas bitcoin association

Coinbase also exited the state of Hawaii due to a new policy imposed by the Hawaii Division of Financial Institutions, which requires digital currency businesses to maintain cash reserves in an amount equal to the aggregate face value of digital currency funds held on behalf of customers.Not all states, however, have a constricted view of digital currencies.bitcoin donation clubRecently, Vermont updated its money transmission rules, which now include a definition for virtual currencies.bitcoin taobaoUnder House Bill 182, money transmitters can start holding digital currencies as a “permissible investment”, but “only to the extent of outstanding transmission obligations received by the licensee in identical denomination of virtual currency.” Current bitcoin price The price of bitcoin has dropped to $2,780 level during Thursday morning’s trading.bitcoin gets nasdaq test

House votes to keep bitcoins unregulated in New Hampshire Endorses measure to exempt the currency from state banking rules March 9, 2017 The NH House on Wednesday approved a bill that would prevent the state from regulating the virtual currency bitcoin.House Bill 436 would exempt companies converting or transmitting virtual currency from state banking laws that regulate money transmitters, such as Western Union, though they will be subject to the NH Consumer Protection Act.achat bitcoin prixSupporters said that the exemption would broadcast that the burgeoning industry is welcome in the Granite State.federal reserve bitcoin strategyKermit Williams, D-Wilton, maintained on the House floor that current banking regulations would not interfere in most peer-to-peer transactions among those who are savvy enough with the new technology to do so on their own.bitcoin asics miner

However, they would oversee third-party services that convert cash into bitcoins “for people who can’t figure it out”.“If you know what you are doing, you don’t need any help, but those who don’t understand virtual currency should be treated fairly,” he said.Why would those who don’t understand bitcoins want to trade in them?Sometimes they don’t have a choice, said Rep.Timothy Smith, D-Manchester, adding that he had received a “frantic phone call” from the victim of a ransomware scheme.Faced with a virus that threatened to clean out his hard drive unless he came up with a bitcoin payment, he turned to a third party, which promptly scammed him out of $5,000 in real currency that he cashed in for ransom.But House Commerce Committee Chair John Hunt, R-Rindge, said that those in the industry say such regulations would keep the growing industry out of the state.“Nobody is saying, ‘Please give us this protection,’” Hunt said.“They are saying, ‘Please don’t give us this protection.

This is the 21st century, not the 19th century.’” The House passed the exemption, 185-170.Edit Module Edit ModulePay your taxes in bitcoin?Maybe, if you live in one of three states now considering bills in support of that option.In January, Utah Republican state representative Mark K. Roberts introduced a bill, H.C.R.6, to create a Council on Payment Options for State Services that will study how Utah could accept Bitcoin as a valid form of payment.The bill includes the possibility for Utah residents to pay state taxes using Bitcoin.In February, eight New Hampshire state representatives introduced a bipartisan bill, NH HB552, to propose that New Hampshire should officially accept Bitcoin for taxes and fees.The bill calls for the development of a detailed implementation plan, followed by operational acceptance of Bitcoin by the state before July 1, 2017.It seems almost surreal that Bitcoin, often portrayed by the popular press as a means to avoid taxes and hide cash and illicit activities from the government, could find one of its first official applications in tax payments.The short and pragmatic text of the New Hampshire bill only mentions the financial implications of collecting tax payments in Bitcoin.

Republican Representative Eric Schleien believes that the adoption of Bitcoin for tax payment purposes would be a boon for the state, and argues that Bitcoin transactions are cheaper and more secure than those made with credit cards, so that the law would offer both state and taxpayers a more reliable payment option at a reduced cost.The Utah bill is more visionary.It mentions the important benefits that an official adoption of Bitcoin could bring to the state’s technological leadership and economy:“Technology industries, including emerging technologies, play a growing role in [economy] and culture.The state must also remain open to new technologies and ideas to continue attracting talented and educated entrepreneurs.[Bitcoin] provides merchants with an attractive alternative mechanism for accepting payments, because transaction fees for Bitcoin are generally much lower than those imposed by other payment processors.“Reading between the lines, a key passage here is “attracting talented and educated entrepreneurs.” Rep.

Roberts seems fully aware that new, disruptive technologies can create fast growth and “iPhone moments” that boost entire industries.He appears to be persuaded that Utah could become a Silicon Valley for cryptocurrency business.Perhaps someday visitors to Utah will be greeted by a “Bitcoin Rockies” sign.Utah is also the home state of Overstock, a large online retailer that allows customers worldwide to pay in bitcoin.Overstock is also behind one of the most interesting and potentially disruptive developments in the Bitcoin space: their Medici crypto-stock exchange project aims to create an open alternative to traditional stock exchanges such as NYSE and NASDAQ, based on blockchain technology and accepting Bitcoin payments.The Free State Project, a hardcore Libertarian group based in New Hampshire, greeted the New Hampshire bill with a blog post titled “Bitcoin for Taxes and Fees?Only in NH.”“New Hampshire is known as a libertarian hot spot, and the Bitcoin community here is strong.

Read about the rich connections between Bitcoin and the Free State Project here.”Meanwhile, last week, Democratic member of the New York City Council Mark Levine introduced a bill that would allow residents to pay for any fines and fees they owe the city using Bitcoin.In an interview with CoinDesk, Levine said:”It started with realizing how much money the city of New York is losing on transaction fees on credit cards, ultimately it’s several million a year because of all sorts of fees and fines.[I] think that being the first major city in the U.S.to make this move sends a clear signal that we’re innovators here.”Levine’s arguments are similar to those used to promote the New Hampshire and Utah bills: accepting Bitcoin payments would save the city a lot of money, and a vibrant Bitcoin economy would attract top tech talent to the city.The passages quoted represent two often conflicting aspects of the developing Bitcoin economy: the business-oriented vision of a regulated Bitcoin economy that informs the Utah and New York City bills, and the free-wheeling Libertarian spirit reflected in the Free State Project comments to the New Hampshire bill.