Washington state introduces bill to expand blockchain adoption.

On Thursday, March 31, Washington Governor Jay Insleesigned a bill announcing that the Pacific Northwest state will study the benefits of blockchain technology in key industries.

The bill passed in a creation of a working group on the blockchain

The law requires the governor Inslee at form the “Washington Blockchain task Strength “. It’s a blockchain working group in Washington that will “review various potential applications of blockchain technology.”

The working group will include several participants, including representatives from financial institutions, legislatures and professional associations. He could conduct research on the practical applications of blockchain technology. It will hold its inaugural meeting by December 1, 2022 and report to the Governor Inslee by December 1, 2023. In short, the group will thus help Washington to achieve its objective of become a world leader in the field of cryptocurrencies.

Republican Senator Sharon Brown, who first introduced the bill, said in a statement that Washington State is demonstrating its ability to use blockchain technology “for the benefit of all residents, employers and employees of the Washington”.

The bill was approved by the Senate Environment, Energy and Technology Committee next month, passed by the Rules Committee and approved by the State’s Attorney’s Office. The bill was sponsored by 10 senators : Senator Sharon Brown, Senator Perry DozierSenator David FrockettSenator Robert Hasegawa and Senator Mark Mullet.

See more: The Lightning Network integrates with Kraken allowing instant, near-fee free Bitcoin deposits and withdrawals.

US states and cryptocurrencies

Washington is the latest of many US states to embrace blockchain technology or cryptocurrencies, joining New York, Texas and Wyoming.

the Wyoming has earned a reputation as a forward-thinking regulatory haven for blockchain companies. It is the headquarters of the financial institution of the Kraken cryptocurrency exchange and recognizes the decentralized autonomous organization (CAD) as a legal entity.

Additionally, the state of new York is one of the largest cryptocurrency mining sites in the United States, representing 19.9% from hashrate country’s total bitcoin.

the Texas can also be a hub for cryptocurrency mining due to its low electricity cost and huge land area, which is more than 14% country hashing fees. The state is experimenting with data centers with flexible power sources, allowing them to switch to renewables when the utility grid is needed.

Related Reading: White House Biden Forecasts $10 Billion in Revenue from Updates to Crypto Tax Rules.

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Washington state introduces bill to expand blockchain adoption.


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