The State of Idaho Introduces a Bill to Define Digital Assets as Personal Property

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On Friday, the state of Idaho introduced a bill to define digital assets as personal property in the second regular session of 22.

The bill, if passed, will be named the “digital assets act.”

The scope of this act will be to define the legal status of digital assets. Digital assets are subject to applicable laws or rules that apply to their business or activity.

Definitions as used in this bill:

(1) “Adverse claim” means a claimant that has a property interest in a virtual currency or a right to payment evidenced by the virtual currency.

(2) “Control” means the ability to exclude others  from the use of the property and includes the following:

(a) A secured party, or an agent, custodian, fiduciary, or trustee of the party, that has complied with section 28-8-106, Idaho Code, including by means of a private key or the use of a multi-signature arrangement exclusive to the secured party or any substantially similar analogue; and

 (b) A smart contract created by a secured party to comply with section 28-8-106, Idaho Code. As used in this paragraph, “smart contract” means an automated transaction as described in section 28-50-114, Idaho Code, or any substantially similar analogue comprised of code, script, or programming language that executes the terms of an agreement and may include taking custody of and transferring an asset or issuing executable instructions for these actions, based on the occurrence or nonoccurrence of specified conditions.

(3) “Digital asset” means a representation of economic, proprietary, or access rights that are stored in a computer-readable format and includes

A few days ago, Through the Alkami Technology platform, Idaho Central Credit Union teamed with NYDIG to offer bitcoin services. Members of the Chubbuck, Idaho-based credit union’s $8.3 billion asset base will be able to buy, hold, and sell bitcoin through the credit union’s mobile app and online banking platform.

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Shambhavi Soni