Numerous governments have expressed their concerns about the use of the blockchain technology and virtual coins by implementing strict regulations. This allow them to control the system. But how to protect the system against the regulations?
An Arizona lawmaker wants to support the development of the crypto technology against possible regulatory bans. He presented a draft bill on 6 February 2018 to the Arizona House of Representatives, arguing that “a city or town may not prohibit or otherwise restrict an individual from running a node on blockchain technology in a residence.”
However, it has not yet been stated whether the law will be adopted only for cryptocurrency miners or all the nodes related to blockchain technology. Nodes represent a redistribution point of a network that safely keeps a copy of all the transactions managed on a block. This information can be then transferred inside the block to another node via the peer-to-peer algorithm.
In the bill, the lawmaker also mentioned that “For the purposes of this section, ‘running a node on blockchain technology’ means providing computing power to validate or encrypt transactions in blockchain technology”.
The author of this proposal is Jeff Weninger, an Arizona State Representative. He was the person who introduced in 2017 the bill about the possibility to make legal the Smart Contracts and blockchain signature. This was a huge success, being signed on 29 March 2017 by the Law Governor Doug Ducey.
Do you think that the government will accept the Jeff Weninger’s new proposal?