US State Approves Blockchain Initiative Amid Rising Crypto Interest From Local Governments Across the Country

US State Approves Blockchain Initiative Amid Rising Crypto Interest From Local Governments Across the Country

The State of Washington is pushing forward into the realm of blockchain technology as the future of cryptocurrencies remains a topic of national interest.

In a new press release, the non-profit Washington Technology Industry Association (WTIA) announced its support of a new law that Governor Jay Inslee made official with his signature on Wednesday.

The Washington State Blockchain Work Group bill, which was passed by the state legislature and signed on March 9th, establishes a new work group tasked with exploring the possible uses of and policies for blockchain technology across a wide range of industries and public sectors.

Republican State Senator Sharon Brown worked with WTIA to garner “strong bipartisan support” in support of the bill.

Brown says,

“This new law is a vital first step in creating an environment that is welcoming of new business prospects, eager to seek out new applications, and willing to identify potential supply-chain management and STEM-education opportunities.

We are sending a clear message that Washington is ready to start working with the private sector to advance this technology for the benefit of all Washington residents, employers and workers.”

The work group will be comprised of representatives from 21 different sectors, including government, privacy and cybersecurity experts, various trade associations, environmental protection, and consumer advocacy.

The bill states the work group will explore “applications in computing, banking and other financial services, the real estate transaction process, health care, supply chain management, higher education, identity verification, and public record-keeping.”

The move by Washington is the latest in a series of steps that states and other localities have taken to incorporate blockchain technology and cryptocurrencies into their charters.

In mid-February, Colorado became the first US state to accept crypto assets for payment of taxes.

Texas also created a working group to oversee the nascent sector’s expansion last September.

New York City’s Mayor Eric Adams announced last November after his election that he intended to receive his first three paychecks in Bitcoin (BTC).

Back in early 2019, Wyoming became the first state in the nation to recognize property rights for cryptocurrency owners.

The full text of the new Washington law (S.B. 5544) can be read here.

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Featured Image: Shutterstock/Alberto Andrei Rosu/Natalia Siiatovskaia

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Michael Novogratz Galaxy Digital to Acquire BitGo Later in 2022

Michael Novogratz Galaxy Digital to Acquire BitGo Later in 2022

We’re getting there lmao