Washington State Approves Bill Supporting Blockchain Adoption
The State of Washington has approved a bill that aims to increase the adoption of blockchain technology across various sectors. State Governor Jay Inslee signed the bill into law. According to reports, the law allowed the formation of the Washington Blockchain Work Group which will now examine the potential of this technology.
Work Group to examine blockchain implication
The work group will be composed of key stakeholder groups, representatives from the legislature, financial institutions, and trade associations. The group will examine the implication of the technology in a wide range of areas including health care, higher education banking and financial services. However, the Blockchain group will host an inaugural meeting by December 1, 2022, after which it will submit a review report to the Governor by December 1, 2023.
According to reports, ten state senators sponsored the bill. However, the bill has its own long story as it was first proposed in 2019. The governor refused to give official permission in April 2020, then Senators spent around 2 years on a bill to make it approvable.
Senator Sharon Brown, who originally proposed the bill said that the new law is the first step in designing an ecosystem with blockchain technology. He added that every day many companies are acquiring this technology to improve their services.
Vital first step in building tech ecosystem
Senator Brown also mentioned that the formation of the Washington Blockchain Work Group will show that this state is ready utilise the technology for the welfare of the population.
Washington will be the latest addition to the list of states adopting cryptocurrency or blockchain in the U.S. Every state is trying to woo the Crypto miners. According to CNBC, New York is alone generating 19.9% of bitcoin’s hash rate, while Kentucky and Georgia are contributing with 18.7% and 17.3% respectively.
- Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- Robinhood Lists Binance Coin as BNB Outperforms BTC, ETH, SOL YTD By Over 30%
- Bitget Partners With Google Developer Group On Hackathon To Support AI Innovation
- Can Cardano Save Kadena? Hoskinson Reaches Out After KDA Token Plunges 60% Amid Shutdown
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
