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Utah News

Utah lawmakers propose cryptocurrency bills

A bitcoin  symbol on a laptop keyboard.
Jievani Weerasinghe
/
Unsplash

In preparation of an upcoming legislative session, Utah lawmakers are considering at least three different bills dealing with the rapidly-growing cryptocurrency.

The three bills, sponsored by Republican Sen. Kirk Cullimore and Republican Rep. Jordan Teuscher, are being proposed to address property rights on blockchain as well as cryptocurrency being used as a payment method for government usage. There is also potential for a task force to oversee how the state can incorporate blockchain technology moving forward.

Mick Hagen, CEO and founder of Genesis Block, says that his company would love to be at the forefront of these bills. His company provides digital banking using Bitcoin and other forms of cryptocurrency, so he believes that this could be a big opportunity for the industry throughout Utah.

The legislative session is set to begin Tuesday, spanning over the course of forty-five days. The three cryptocurrency bills are still in the early stages of being created.