Governor Jay Inslee of Washington made a bill into law on Wednesday that intends to increase the state’s use of blockchain technology across multiple financial and industrial sectors.

Governor Jay Inslee signed the bill into law, forming the Washington Blockchain Work Group to explore different possible uses for blockchain technology. Seven government officials and eight representatives from different trade organizations from around the state will make up the Work Group. It will research the practical uses of blockchain technology and furnish Governor Inslee with a summary of its results by December 1, 2023.

Senator Sharon Brown, a Republican from Washington, said that the state is ready to use blockchain technology to benefit all Washington inhabitants and workers, noting that this new legislation is a crucial first step in developing an atmosphere supportive of new companies.

It was initially introduced in the Senate in 2019, but the governor vetoed it in April of 2020. After then, state legislators spent almost two years fine-tuning it.

Phân biệt khái niệm Blockchain, Crypto và Bitcoin - GFS Blockchain

The Washington Technology Industry Association (WTIA) is a non-profit that backed the law’s adoption. In an email to Cointelegraph on April 1, a spokeswoman from the WTIA described the bill as an essential and basic step in growing Washington’s blockchain sector.

The WTIA said that the purpose of the Work Group is to create a robust, transparent regulatory framework that allows the twin goals of innovation and consumer protection, as one of the primary groups that supported the bill throughout the legislative process.

Washington is the most recent U.S. state to adopt blockchain technology or cryptocurrencies, including New York, Texas, and Wyoming.

Wyoming has established itself as a forward-thinking regulatory refuge for blockchain startups. It has recognized decentralized autonomous authorities (DAOs) as legal organizations and is home to crypto exchange Kraken’s bank.

As per CNBC, New York state is one of the most important crypto mining locations in the United States, accounting for 19.9% of the nation’s overall Bitcoin hash rate.

Because of its cheap power and quantity of land, Texas is also a significant crypto mining region, accounting for about 14% of the country’s hash rate. When the standard power system is stretched, the state is testing data centers with variable power sources, enabling them to transition to renewable energy.


Please enter your comment!
Please enter your name here