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Cryptocurrencies Are Included In Michigan Criminal Code

11:38 11/04/2019
Michigan Authorities Introduce Crypto Concept In Criminal Code

The criminal code of the US state of Michigan now mentions cryptocurrencies, Cointelegraph reports. 108 deputies voted for the law amendment, one was against.

 

Now cryptocurrencies appear in the articles on fraud with bank cards, embezzlement, and laundering of funds obtained by illegal means. 

 

In addition, it is prohibited to use digital assets or to receive remuneration in betting on animal battles, trading, or killing animals. It is noted that such an amendment was accepted after the incident with the underground dog fights, during which the participants made bets in cryptocurrency and managed to avoid punishment. 

 

State Representative Ryan Berman stressed that digital currencies have already become part of the American economy and society, and therefore the relevant provisions should be spelled out in law. 

 

Interestingly, the updated code also provides definition of cryptocurrencies, according to which transactions with digital assets occur independently of central banks. 

 

Earlier, two bills were submitted for consideration at once in Michigan, which equate a change in the data on blockchain with a criminal offense. According to the documents, in some cases fraudsters can get up to 14 years in prison. Draft laws were sent to the US Senate last year but have not received a response yet. 

 

At the same time, Texas lawmakers intend to prohibit anonymous crypto transactions, forcing users to identify themselves when making a transaction. 

 

Earlier, the mayor of Chicago stated that cryptocurrency would be universally accepted.

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