A legislative effort in Pennsylvania to update the state’s definition of money to cover digital currencies was reportedly stalled last year due to an ongoing budget impasse.
Harris said in the interview:
Harris, a Republican elected in 2002, went on to suggest that lawmakers are weighing both the technology's use today as well as potential applications in the years ahead.
"The biggest question to me is whether this is simply a passing fad or a legitimate currency that will radically alter the way we do banking and make payments in the future," he told the publication.
According to the draft text of the bill, the updated definition of money would mean a unit that "is generally recognized as a medium of exchange and shall include any form of virtual currency".
published on 16th March, penned by Mackenzie, states that the bill is intended to "update the definitions and terminology used in the statute", among other items, and draws on suggestions from Pennsylvania's Department of Banking and Securities.
The bill's author, Representative Ryan Mackenzie, did not immediately respond to a request for comment.
State's seek definition
2015 saw a number of efforts in US states to legislate new rules for bitcoin activities and firms, or expand existing statutes to cover the technology.
Other states are pushing for tighter rules that would require certain companies to obtain licensure.
However, New York is the only US state to institute a licensure for applicable firms.
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