Washington State Passes Executive Order Promoting Cryptocurrencies

The US state of Washington has just passed a bill to promote and accelerate blockchain adoption. A working group has been created to study the possibilities of industrial and commercial use of this technology.

Decrees in favor of cryptos adopted more and more regularly

In early March 2022, US President Joe Biden was preparing to sign an executive order outlining the government’s plans for cryptocurrencies. Since then, blockchain technology has continued to generate interest in the United States.

On Thursday, March 31, Washington State Governor Jay Inslee signed a new bill aimed at expanding state adoption of blockchain technology across various financial and industrial sectors. It provides for the creation of the Washington Blockchain Group, a working group whose goal is to examine the application of blockchain technology in a wide range of fields.

Governors in the North West have made it clear that the sectors affected will be banking and financial services, IT, real estate transactions, healthcare, supply chain (or supply chain), higher education and maintenance of public records.

The bill was originally introduced by Republican Senator Sharon Brown. In a statement, she supported and welcomed the initiative, saying Washington State stands ready to use blockchain technology “for the benefit of all Washington residents, employers, and workers.”

On the government side, the Government Accountability Office (GAO), the audit and investigation agency of the US Congress, has just released a report to help policymakers implement blockchain technology.

Joe Biden’s government makes progress on crypto regulation

The GAO begins its report by outlining how blockchains work and the key differences between public and private blockchains. Additionally, the GAO uses fundamental concepts that intersect with blockchain technology: smart contracts and consensus protocols.

The GAO also built a comprehensive organizational chart for policy makers, including Congress, federal agencies, US state governments, and academic and research institutions. This flowchart should allow these actors to determine the requirements for implementing blockchain technology.

The working group will include a wide range of key stakeholders. Currently, it has seven government officials and eight leaders from various national business associations and financial institutions. The founding assembly will be held on December 1, 2022, and the committee will submit a report to the governor on its findings by December 1, 2023.

First, the GAO produced this report at the request of the US Congress to help the country’s policymakers implement blockchain technology. The goal is to take advantage of the advantages of this technology while minimizing the disadvantages.

Therefore, the GAO recommends 4 policy options that can facilitate the decision-making process, which lays the foundation for the implementation of blockchain technology. According to the GAO, the creation of these policies will address most of the challenges posed by blockchain technology. The four policies recommended by the GAO are:

  • set the standards
  • have clear mechanisms to support monitoring
  • publish educational content
  • communicate around appropriate use cases

While the White House is working on an order to regulate cryptocurrencies in the United States, some states are already making good progress on the issue. In addition to Washington, we can notably cite New York, Texas and Wyoming.

Wyoming has earned a reputation as a regulatory haven for cryptocurrency companies. As for New York State, it is the largest Bitcoin (BTC) mining farm in the country. It contributes almost 20% of the total computing power of the United States.

We would love to say thanks to the writer of this post for this incredible content

Washington State Passes Executive Order Promoting Cryptocurrencies

You can view our social media profiles here and other pages related to them here.https://metfabtech.com/related-pages/