Cryptocurrency 2022 Legislation

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Website

Abstract

The National Conference of State Legislatures (NCSL) complied the cryptocurrency enacted legislation of the thirty-seven states in the 2022 legislative session. Digital currencies are a medium of exchange but are not regular money. Digital currencies are stored in digital wallets, which are software or apps installed by users on their computer or mobile device. Each digital wallet contains encrypted information, called public and private keys, that is used to send and receive the digital currency. All digital currency transactions are recorded in a virtual public ledger called the “blockchain,” which is maintained by digital currency “miners.” These miners can be anyone, anywhere in the world, who is willing to invest in the specialized computer hardware needed to rapidly process complex computations. Miners are awarded digital currency, like Bitcoin, Ripple, Dogecoin, and Litecoin, in exchange for verifying each transaction and adding it to the blockchain.

Publication Date

2023

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