Washington Governor Signs Bill Into Law to Expand Blockchain Adoption
Three years after proposing the bill in the Parliament, Washington State Governor Jay Inslee has finally passed it into law today. The bill aims at adopting blockchain technology and integrating it into the various sectors of the state’s economy.
The law will see to the formation of a Work Group that will see how blockchain can be integrated alongside checking the potential applications of the technology in the Northeast Pacific state. Based on reports, the Work Group will constitute seven government personnel and some leaders of trade bodies across the state.
The group will work in unity to observe the practical applications of blockchain, identify the benefits to the economy and the risks of adoption. The findings will be reported to the Governor on December 1, 2023.
Washington is Ready to Embrace Blockchain
Sen. Sharon Brown, who first suggested the bill, said that the state capital is showing readiness in embracing blockchain, adding that the passage of the bill is a crucial step in creating an able environment for new businesses leveraging blockchain and willing to explore opportunities to thrive. The Republican Senator said the technology would benefit state residents and workers.
There was excitement in the air following the bill’s passage, considering its troublesome history. The bill was first proposed by Senator Brown in 2019 but thrashed by the governor in 2020 for some loopholes. The lawmakers then used almost two years to perfect it.
Number of U.S. States Adopting Blockchain and Crypto Are on the Rise
Washington becomes the latest state to look into adopting blockchain after New York, Texas, Wyoming. New York is home to crypto mining, accounting for more than 19% of the United State’s total BTC hash rate. Texas is also a major site for Proof-of-Work activity, contributing to more than 14% of the nation’s overall hash rate due to its low-cost electricity and expansive land.
Unlike many states that do crypto mining, Texas is on the path of developing an intelligent method of conserving energy and preventing power problems. Currently, the state is trying out new data centers with flexible power sources that will enable them to change to renewable energy when the regular energy source is stressed.
Wyoming has become popular for its innovative thinking in blockchain adoption. The state has become a haven for blockchain firms owing to its flexible regulatory laws. The state is the headquarters of Kraken Bank and has laws that protect decentralized autonomous organizations, making them the first state to have such legislation.
Other states like Colorado and Florida have shown interest in tlize blockchain. Last week, Colorado businesses indicated readiness to pay their taxes in virtual currencies. Florida, on the other hand, will allow its residents to pay taxes and other state dues in virtual assets.
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