Local Blockchain Adoption Bill Passed in Washington State

8:09 am, Thu, 31 March 22

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A vast audience is already inclined toward cryptocurrencies in the United States of America. The interested parties can buy, sell or trade crypto, thanks to the availability of some of the best crypto exchanges in the USA. These exchanges are not only well-known in the USA but are also popular all around the world.

However, according to reports, the adoption of blockchain technology is anticipated to expand more, thanks to the bill that has been passed in the State of Washington.

A crypto bill has been passed to become law according to which a working group will be formed that will explore the opportunities for the industry. It may also facilitate commerce to benefit from the blockchain. Let’s find out more details about the bill.

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Details of the Crypto Adoption Washington Bill

The bill has had a long history as it was first proposed in the Senate in 2019. It was vetoed later on by the Governor in 2020 after which, state lawmakers spent almost two years working to improve it.

Now, the bill has been signed by Washington state Governor Jay Inslee and has turned into a law.

This law aims to expand the adoption of blockchain technology in the state across different industries and financial sectors.

According to the law, a Washington Blockchain Work Group will be formed. This group will be composed of eight leaders of several trade associations across the state and seven government officials. It is intended that the work group will present a report to Inslee by the end of 2023, encompassing practical applications of blockchain technology.

This bill was originally proposed by Republican Senator Sharon Brown who stated that the State of Washington is now ready to utilize blockchain technology “for the benefit of all Washington residents, employers, and workers,”

Brown also added:

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.”

Washington has now become one of the crypto-friendly states in the USA, following others including:

  • Texas
  • Wyoming
  • New York

This can indicate the growing significance and utility of crypto assets. Therefore, if you are also interested in crypto investing, make sure you choose one of the secure crypto exchanges that tick all the right boxes for you in terms of available features.

What Should Novice Crypto Investors Know?

The utility and prominence of cryptocurrencies increased even more when China conducted its crackdown on crypto mining in the country. This resulted in the migration of crypto miners to other countries in the world that turned out to be crypto-friendlier.

This also enabled the miners to opt for sustainable energy sources that allowed them to mine crypto with minimum damage to the environment.

This is only one of several reasons why crypto adoption is increasing more and more.

However, if you are new to the crypto space and want to buy crypto, then here are a few tips to keep in mind.

  • Keep an eye on the price movement of the digital asset you want to buy.
  • Choose the best crypto exchange that matches your criteria.
  • Start by investing as much as you can afford to lose.

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