New Hampshire Passes Blockchain Basic Laws to Woo Crypto Industry

New Hampshire has taken steps to become more welcoming to the cryptocurrency industry by passing the 'Blockchain Basic Laws', signed into law by Governor Kelly Ayotte earlier this month.

The law, known as House Bill 639 and sponsored by Rep. Keith Ammon, defines blockchain technology and protects certain activities related to it, such as using digital assets for purchases and self-custodying one's holdings without needing a third party like a bank.

Blockchain proponents say the technology offers decentralization of the monetary system, allowing users to remove governments, banks, and middlemen from transactions while offering an inherent limit to inflation through artificially limited supplies of coins and tokens.

New Hampshire has been working on blockchain-forward policies since 2015, with Ammon chairing the New Hampshire Blockchain Council. While some see this as a positive step for the state's economy, others argue that more work is needed to position New Hampshire as a national leader in blockchain innovation.