However it was closed in 2018 by the local authorities saying that it was violating local laws. Last may the state added bitcoin as a permissible investment and also defined the nature of virtual currency transmissions in vermont s code of law.
Another outlier in terms of the regulation of bitcoin at the state level is montana who does not have any laws on the books regarding money transmission at all.
Is bitcoin legal in vermont. The bill signed into law on 4th may. Goodenough is co director at the center for legal innovation of vermont law school the body that produced the report behind the vermont legislation. Legally it is not only plausible.
The state of bitcoin in vermont. It is the most probable outcome said vermont lawyer oliver goodenough in speaking to bitcoin magazine. The year prior the governor signed a.
More confusingly states like louisiana have left the language around bitcoin regulation so vague as to say existing laws may or may not be applied to cryptocurrencies in the future. Of course the lack of regulation at the state level does not mean much when federal law also still applies in this jurisdiction. This means that there are no bitcoin atm operators in the state at the moment.
Vermont has passed a new bill that tweaks state law to account for digital currencies. Although like olson hansen is not a mainstream candidate unlike olson he has also managed to get formal legal approval from both the vermont attorney general and the vermont secretary of state. Vermont had a single dedicated bitcoin atm opened in 2014.
But josh jones creator of bitcoin builder and developer of the custom system which hansen uses to accept donations intends for bitcoin to go even. Vermont law adds bitcoin as permissible investment for msbs. The bill h 868 recognizes any fact document or record certified on a blockchain which can be legally admissible in a court of law.
Vermont laws considered bitcoin and blockchain friendly last year former vermont governor peter shumlin also progressed the state s legislature with an economic bill that applies to all blockchains. A legislative effort in the state of vermont to recognize blockchain data in the court system is inching closer to completion and only needs a governor s signature to become enshrined in law.