According to the reports, after the lawmakers from the state introduced a bill in May which solicited to treat blockchain data and smart contracts as electronic records in efforts to provide a safe place for the emerging technology.
The press release revealed that the part of wording from that bill (SB 300) was later incorporated into the legislation (SB200). It was approved by the state’s senate in June and was signed by the governor into Ohio law.
Ohio’s Uniform Electronic Transactions Act stated:
“A record or contract that is secured through blockchain technology is considered to be in an electronic form and to be an electronic record.”
Electronic signatures obtained through blockchain technology is also supposed to have the same legal status as other electronic signatures defined under the act.
Although, the smart contract which was proposed to change the law has been eliminated from the passed bill.
Recently, the Queensland government announced that it would be promoting regional tourism by investing in a crypto startup. The announcement says the TravelbyBit cryptocurrency payments platform for the travel and tourism industry is one 70 companies which are going to receive Advance Queensland Ignite Ideas funding and which will be supporting entrepreneurs in Queensland in growing their businesses.
The startup is aiming to increase the number of tourists to Central Queensland by selling travel offers with cryptocurrencies and creating more jobs.
Kate Jones, the Innovation Minister, said:
“TravelbyBit has devised a clever way to make it easier for visitors to our state to pay for their purchases with a growing number of local businesses accepting cryptocurrency payments. I understand TravelbyBit is specifically targeting places like Bundaberg (along with the Great Barrier Reef) – using cryptocurrency to make it easier for tourists to book holidays.”