​Sаo Paulo enshrines in law the use of blockchain for data col | Altcoin Holder

​Sаo Paulo enshrines in law the use of blockchain for data collection

In the legislative act, blockchain refers to an immutable registry where transactions are recorded and through which the use of various assets based on a computer network can be tracked. The law does not spell out exactly where its use will improve the efficiency of data access and openness tasks.

Some experts in the local media are convinced that the term was included in the law at random, as it does not describe any practical application of the technology.

"Institutions recognize blockchain technology as a positive factor for the economy, but there is no clear prescription for the use of the technology, which creates some risks," said Machado Meyer lawyer Marcelo Castro.

Earlier, representatives of the Brazilian Securities Commission said that the regulator should pay special attention to the supervision of the cryptocurrency industry.