Washington State Signs A Bill Into Law That Targets Blockchain Tech Expansion

Jay Inslee – the Governor of Washington state – has sanctioned a bill to be termed as law, that targets to widen the blockchain technology’s adoption across the diverse industrial and financial sectors of the state. In the respective law, Governor directed the creation of the Washington Blockchain Work Group to evaluate several likely use cases for the respective technology. In the Work Group, there will be seven officials from the government as well as eight frontrunners of different trade organizations throughout the state.

The group will have awareness regarding the everyday utilization of blockchain technology as well as deliver a report over the findings thereof on 1st December of the coming year to Governor Inslee. Sharon Brown – a Republican Senator who is responsible for proposing the bill originally – mentioned in a declaration that the state is presenting a willingness to use blockchain technology to provide an advantage to the entirety of the citizens, workers, and employers living in Washington.

She added that the latest law is much significant being a vital first move to construct an atmosphere to welcome unique business prospects, enthusiastic to pursue exclusive applications, and intending to detect likely supply-chain administration and opportunities for STEM awareness. There is an unsettled history of the bill within the legislature of the state. it was initially presented in Senate three years back, however, was ultimately vetoed on the behalf of the governor in 2020’s April.

After that, the state regulators expended almost a couple of years refining it. Washington counts to be the newest among several of the states in the US to have adopted crypto or blockchain technology in general, including Wyoming, Texas, and New York. Prestige has been obtained by Wyoming in contemplating some regulatory agenda for blockchain firms. It is known to be the bank of the prominent crypto exchange Kraken and has also provided legal status to DAOs (decentralized autonomous organizations).

In a report from CNBC, it was pointed out that the state of New York is considered to be among the largest places for the mining of cryptocurrency across the United States as it participates a share of nearly 19.9% in the cumulative hashrate of Bitcoin across the country. Apart from this, Texas also has secured a position as a crypto mining hub as more than 14% out of the hash rate of the country in crypto mining is owed to it because of economic electricity as well as land opportunities.

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