Washington State Governor signed a bill to expand the adoption of blockchain across various financial sectors

The northwest pacific state’s governor has finally passed a bill into law to form a working group to explore the opportunities for industry and commerce to benefit from blockchain.

Washington state passes bill aiming to expand local blockchain adoption

Three years and one veto after it was first proposed, Washington State Governor Jay Inslee signed a bill into law today that aims to expand the state’s adoption of blockchain technology across the financial sectors. And various industries.

The law shows Governor Inslee ordering the creation of a Blockchain Working Group in Washington, which will “examine various potential applications for blockchain technology.” The working group will include seven government officials and eight leaders from various trade associations across the state. It will research practical applications of blockchain technology and present a report on its findings to Governor Inslee by December 1, 2023.

Republican Senator Sharon Brown, who originally proposed the bill, stated in an announcement that Washington state is showing that it is ready to use blockchain technology “for the benefit of all Washington residents, employers, and workers.”

“This new law is a vital first step in creating an environment welcoming new business prospects, eager to seek out new applications, and willing to identify potential supply-chain management and STEM-education opportunities.”

This measure has had a tumultuous history in the state legislature. It was first proposed in the Senate in 2019 but was ultimately vetoed by the governor in April 2020. State legislators then spent nearly two more years tweaking it.

Washington is the latest of several US states to have embraced blockchain technology or cryptocurrency in general, including New York, Texas, and Wyoming. Wyoming has gained a reputation as a forward-thinking legal haven for blockchain companies. It is the home of the Kraken bank’s cryptocurrency exchange and has recognized decentralized autonomous bodies (DAOs) as legal entities.

New York State is one of the largest crypto mining locations in the US, contributing 19.9% ​​of the country’s total Bitcoin hashes. Texas is also a significant crypto mining hub with over 14% of the country’s hash rate due to cheap electricity and abundant land. The state is testing data centers with flexible power sources, allowing them to switch to renewable energy sources when the grid is often stressed.

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