Oregon's legislature has passed a new law, SB 167, which legalizes the use of Bitcoin and other digital assets as collateral, providing businesses with clearer legal frameworks to work with these assets.
New Legal Status for Digital Assets
Bill SB 167 introduces a new Article 12 to the Uniform Commercial Code (UCC), legalizing the use of digital assets as collateral in financial transactions. This includes cryptocurrencies, electronic money, and controllable electronic records. The law clarifies how rights to these assets can be transferred and secured, addressing previous legal uncertainties around digital assets in Oregon.
Impact of SB 167 on Businesses
With the enactment of this law, Oregon is demonstrating a commitment to creating a progressive legal environment for digital assets. The new regulations encourage companies and financial organizations to utilize digital assets in their commercial transactions, allowing businesses to more effectively integrate innovative technologies and expand their financial capabilities.
Global Trends in Bitcoin Integration
Legislation similar to SB 167 is being introduced in other states, reflecting a growing recognition of digital assets in the global economy. For instance, Taiwanese legislator Ko Ju-Chun has proposed considering allocating part of the national reserves to Bitcoin, recognizing its strategic value as an asset that can enhance economic stability amid global uncertainties.
Oregon's legislation marks an important step forward in the legalization of digital assets like Bitcoin, creating a more stable legal environment for businesses and fostering the development of the digital financial market.
