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While these digital assets and the technology behind them may present a new and efficient means for carrying out financial transactions, they also bring increased risk of fraud and manipulation because the markets for these assets are less regulated than traditional capital markets.
A blockchain is a public list of records that shows when someone transacts ... the information added to the blockchain can include information like the transaction amount. The information also can include the sender’s and recipient’swallet addresses — a long string of numbers and letters linked to a digital wallet that stores cryptocurrency. Both the transaction amount and wallet addresses could be used to identify who the actual people using it are.
We will also collaborate internationally to reduce the growing threat to tax administrations posed by cryptocurrencies and cybercrime and to make the most of data and technology.
E.G. Senate Bill S8858
2017-2018 Legislative Session
Relates to allowing signatures secured through blockchain technology to be considered an electronic signature
“As emerging technologies such as digital currency and block chains expand into new and legitimate applications, it becomes all the more critical for industry leaders and government agencies to share insights and perspectives in order to combat the illicit use of these technologies,”
A blockchain is a distributed ledger that does the following: Records any transaction or information chronologically, permanently and unalterably • Uses one-way hash cryptography that is computationally impractical to break • Is visible to all permissioned users • Uses Peer-to-Peer transmission, with each node forwarding new transactional information to all others • Can trigger transactions automatically, based on business logic and custom algorithms • Verifies transactions through node consensus with no reliance on third-party intermediaries (e.g., clearinghouses)