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Utah lawmakers consider bills addressing use of cryptocurrencies

Feb 14, 2022, 9:16 AM
Utah cryptocurrencies...
FILE: Examples of physical tokens of cryptocurrency. Photo credit: Shutterstock

SALT LAKE CITY — Utah lawmakers are considering legislation that would affect how cryptocurrencies are used in Utah.

Business leaders in Utah have said they are excited about cryptocurrencies and their use in Utah. But economists are unsure about how or if using a digital payment system would positively impact the rate of inflation.

Nevertheless, Utah legislators are working on bills that would likely incorporate more use of cryptocurrencies in the state’s economy.

State Sen. Kirk Cullimore’s bill would address property rights on blockchain technology (or, technology that involves a list of transactions that details when a person or person sends or receives a cryptocurrency.)

Utah Rep. Jordan Tuescher has two cryptocurrency bills in the works. One would allow Utah government to use cryptocurrencies as a form of payment. The other would establish the Blockchain and Digital Innovation Task Force, focusing strictly on blockchain and related technology. 

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Utah lawmakers consider bills addressing use of cryptocurrencies