California signs executive to boost crypto innovation

Californian governor Gavin Newson has passed an executive order that will allow the state to pursue cryptocurrency and blockchain technology with fewer regulatory hurdles.

Thanks to the new proposal, the governor’s office expects California to see a dramatic increase in the creation of blockchain and crypto-focused projects.

Announcing the executive order, Newson commended the role that cryptocurrencies and blockchain will play in shaping the technological future of the state.

“California is a global hub of innovation, and we’re setting up the state for success with this emerging technology – spurring responsible innovation, protecting consumers, and leveraging this technology for the public good”, he said.

Newson’s order is similar to that of US President Joe Biden who called for closer coordination between individual regulators in order to help create a uniform regulatory framework that is going to help businesses thrive.

Many states have chosen to go ahead with a per-state regulation of cryptocurrencies, including New York, Wyoming, Florida and now California.

According to Stellar Development Foundation CEO Denelle Dixon, the current legislative arrangement represents a “big win” for the state and private businesses that will benefit from the new executive order the most.

Other states are making a push for crypto as well. Illinois will already accept crypto payments in the revenue department and Colorado wants to see crypto used to pay for tax.

You can already use cryptocurrency to participate in various hobbies, though, including crypto casinos such as 1xBit, FortuneJack and Bitcasino.io.

Source

Updated: 05/05/2022 — 11:00