What’s the current stage of the process?
The bill that allowed the implementation of blockchain in various sectors was initially proposed in 2019 but there was not enough understanding of the technology at the time. Now, two years later, ten senators sponsored the bill in order to be signed into law.
A team of specialists was created regarding the consequences of this new technology adoption. Being a point of interest in both public and private fields, the greatest minds from trading, finance and legislation line of work came together to find the best roadmap of the process. Sadly, the results won’t be seen so soon, giving the fact that this analysis takes time, and the first report is due to December 2023.
What’s the group focusing on?
Washington Blockchain Work Group should find the best solutions of implementing the technology in already used systems, with minimum risks and requirements. The tools need to be accessible and fit in order to be used in governmental structures and all public institutions. Once the study process is finished, the state will be ready to embrace cryptocurrencies and it will be a nice addition to the list.
The main focus of all the hard work is to make crypto more common through the US citizens. Being easier to use and more advanced than the current system will make people more invested into the digital space. This is indeed an important step taken by the state of Washington in order to come to an agreement with the new global order.
But what state will be next in line? We hope to see more and more countries and U.S. states being so interested in crypto world every day. We are excited to get such news and see how the world is evolving with each decision made.