California embraces blockchain tech as it brings favorable crypto regulations to the state. It is one of the largest economies in the world (as a state compared to nations), and this move will be positive for crypto. The state is experimenting with the broad adoption of cryptocurrencies and other blockchain innovations. The state’s Gov. Gavin Newsom also passed an executive order (EO) in which he said, ‘Too often government lags behind technological advancements, so we’re getting ahead of the curve on this.”
Positive crypto regulations in the state
The EO passed by Newsom also asked the state agencies to formulate proper regulations for digital currencies. Officials were also asked to integrate the state operations with blockchain coding and tech. A Senior Advisor to Newsom, Dee Dee Myers, said that the industry has a lot of opportunities and opens up several new jobs, companies, and opportunities. But there are a lot of unknown facts as well, which is the reason they are entering the industry early.
Being early, they will also be able to understand the positives and negatives of the technology early, which will allow California to stay ahead of the curve, said Amy Tong, Secretary of the states Government Operations Agency.
The Californian government is also encouraging companies to figure out ways to adapt blockchain tech. California is walking towards becoming the first state of a nation to “establish a comprehensive, thoughtful, and harmonized regulatory and business environment for crypto assets.”
While it might seem that California is the first US state to integrate crypto with government services, it is not. The first state was Ohio, and it happened back in 2018. However, they were ahead of time, and the program was stopped because of poor adoption.
Crypto markets right now
It’s difficult to say whether we are in a bull market or not. However, I believe that the range of $30k-$40k is a neutral market. We can’t be bearish if we don’t fall below this range. And unless $40k is breached and the price stays above it, staying bullish won’t be helpful. The phase now asks only one thing from investors: patience; if you get through this, you win, or else you lose.
What are your thoughts as California embraces blockchain tech and brings positive crypto regulations? And do you think that this will encourage companies like Apple and Paypal to dive into the industry? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Coinbase takes a BTC-backed loan from Goldman Sachs.
