September 06, 2019 Articles

Are Your State’s Construction Laws Ready for Bitcoin and Other Cryptocurrencies?

Bitcoin and other cryptocurrencies are going to become more widespread in the near future. Are our various state construction payment statutes ready for this inevitability? Probably Not.

by Thomas D. Franklin and Brian R. Gaudet

Cryptocurrency is coming and we are not ready. There is reportedly a real estate development project being constructed in Dubai (The Aston Plaza) in which a portion of the available units will be sold in Bitcoin transactions. It is not inconceivable that a construction project could be constructed using Bitcoin as the method of payment. Should this occur, how would you litigate payment issues under your current states laws related to construction related payments and liens?

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