Looks great! Can't wait to see the final web store.
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RE: Sneak peek of the new international Vite store
US: New Hampshire Bill Aims to Legalize Bitcoin for State Payments in 2020
Lawmakers in the U.S. state of New Hampshire are currently considering a bill to legalize payment of fees and taxes in Bitcoin (BTC), documents originally published on Jan. 3 reveal.
NH HB470 is currently making its way through chambers of the local government, with a public hearing to introduce having took place yesterday, Jan. 23.
A subcommittee is due to examine it on Jan. 29, with a due date for a decision set for Mar. 14, a summary of the bill’s passage confirms.
Sponsored by Republicans Dennis Acton and Michael Yakubovich, the bill is the latest attempt to get New Hampshire to accept Bitcoin for state payments, with the idea first surfacing in 2015.
“This bill requires the State Treasurer [...] to develop an implementation plan for the state to accept cryptocurrencies as payment for taxes and fees beginning July 1, 2020,” it reads, continuing:
“The plan shall address any accounting, valuation and management issues and also identify an appropriate third party payment processor that will process cryptocurrency transactions at no cost to the state. The State Treasurer is required to submit the plan to the Governor, House and Senate by November 1, 2019.”
The Granite State’s renewed efforts on Bitcoin come at a time when local governments throughout the U.S. are choosing to forge their own path on the industry.
As Cointelegraph reported, Wyoming is currently leading the jurisdictions with a more progressive stance on the issue, introducing a bill to legally define crypto as money earlier this month.
At the national level, the situation remains patchwork, with businesses and commentators still complaining about the less than ideal regulatory landscape forged by entities such as the Securities and Exchange Commission (SEC).
US: Pennsylvania Rules That Crypto Exchanges, ATMs Are Not Money Transmitters
The American state of Pennsylvania has clarified that cryptocurrency exchanges do not fall subject to the Money Transmitter Act (MTA), according to a Department of Banking and Securities (DoBS) document published today, Jan. 23.
The document clarifies crypto exchanges thus do not require a license to offer their services to Pennsylvania residents. The MTA — otherwise referred to as the Money Transmission Business Licensing Law — provides that “[n]o person shall engage in the business of transmitting money by means of a transmittal instrument for a fee or other consideration with or on behalf of an individual without first having obtained a license from the [DoBS].”
While the definition of a “person” pertains to both individuals and organizations, the DoBs underscores that the transmission of money under the MTA necessarily involves the transfer of fiat currency “with or on behalf of an individual to a 3rd party” — a service for which the transmitter charges a fee.
According to the document, digital currencies such as Bitcoin (BTC) are not deemed to be “money” under the MTA — which is defined as being “currency or legal tender or any other product that is generally recognized as a medium of exchange.”
According to the DoBs, no United States jurisdiction has recognized cryptocurrencies as legal tender to date. Pennsylvania in particular restricts the definition of money to “[a] medium of exchange currently authorized or adopted by a domestic or foreign government.”
The document also clarifies that in regard to crypto kiosks, ATMs and vending machines — regardless of whether they enable one-or two-way deposits and exchange of crypto and fiat — no money transmission is deemed to be involved, as there is no transfer of money to a third party.
As reported last week, a bill that exempts companies providing non-custodial crypto services from certain state money transmitting laws was recently re-submitted to the U.S. Congress.
In March of last year, the state of Wyoming preempted any prospective national level amendments by passing its own bill to exempt particular blockchain-based tokens from certain securities and money transmission laws.