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Vermont's Blockchain Recordkeeping Report Due Next Week

A report on the use of blockchain technology for storing state records is to be delivered to Vermont’s legislature by the end of next week.

Jan 5, 2016 at 5:59 p.m. UTC
Updated Sep 11, 2021 at 12:04 p.m. UTC

A report on the use of blockchain technology as a mechanism for storing state records is set to be delivered to the Vermont legislature by 15th January.

According to a summary of the bill, the study is intended to explore "opportunities and risks" for storing electronic facts using blockchain technology. The final version of the bill also requires that the report focus on addressing "unresolved regulatory issues".

The mandate for the study was part of an economic development bill signed into law last summer by Governor Peter Shumlin.

According to attorney Carl Lisman, a ULC commissioner who has taken part in the drafting of the report, it is "almost, but not yet, complete". He declined to divulge details on the contents or conclusions of the report.

While the state may be looking to adopt the technology for record-keeping purposes, Vermont has already taken steps to regulate aspects of its local digital currency ecosystem.

Susan Donegan, commissioner of the state’s Department of Financial Regulation, told CoinDesk last year that her agency is applying existing statutes to businesses working with the technology.

Representatives of the Attorney General, the Secretary of State, the Department of Financial Regulation and the Center for Legal Innovation at Vermont Law School did not immediately respond to CoinDesk’s requests for comment.

Vermont legislature image via Shutterstock

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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