Sat, March 02, 2024

Washington Passes Bill to Expand Local Blockchain Approval

Washington Passes Bill to Expand Local Blockchain Approval

Three years and one veto since it was first offered the Governor of the state of Washington signed a bill; it aims at expanding the introduction of blockchain technology by the state in various financial and industrial sectors. By law, the Governor ordered the formation of a Washington blockchain working group, which will explore the various potential applications of blockchain technology.

The group will be composed of seven government officials and eight leaders from various trade associations. It will learn the constructive applications of blockchain technology. And by December 1, 2023, submit a report to the Governor on the findings.

Republican Senator. Who initiated the bill said Washington’s state shows it is ready to use blockchain technology “for the benefit of all Washington residents, employers and workers.” It also considers detecting potential supply chain board and STEM education possibilities.

This bill had a turbulent history in the state legislature. He was first nominated for the Senate in 2019; However, the Governor finally vetoed it in the spring of 2020. State legislators then spent another two years clarifying it. Washington is the last of several U.S. states to include blockchain technology or cryptocurrency.

Local Blockchain Approval

Wyoming gained a reputation as a prudential regulatory haven for blockchain companies. This is the home of Crypto Exchange Kraken Bank. Decentralized autonomous bodies are legal entities.

New York State is reportedly one of the most prominent places for crypto mining in the U.S. Texas is also a central hub for crypto mining with more than 14% of the country’s hash speed; Because of cheap electricity and plenty of lands. The state conducts experiments with data centers that have flexible energy sources. This allows them to switch to renewable energy sources when the stress is on a regular power grid.

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