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California is the latest state in the United States to consider crypto adoption to boost the economy. On Wednesday, Governor Gavin Newsom signed an executive order on virtual currencies to discuss the adoption of blockchain and its impact on the economy.
The move was welcomed by the crypto community as it will encourage other incumbent governors to consider adopting the emerging technology. California has the largest economy in the United States. So, blockchain adoption will massively bolster the state’s economy.
Senior Adviser to Governor Dee Meyers told CNBC a significant number of blockchain-based businesses in the Latin America region is in California. As a result, the state government would like to help more companies wanting to be in California to settle down. The California Governor has already asked the economic team to collaborate with the Business and Consumer Services to adopt best practices.
What the Executive Order Entails in Details
The new order on virtual currencies aims to create a transparent and able environment for crypto-based companies. Myers disclosed that the order would foster inclusivity and equity, balance consumer risks and benefits, and protect Californians.
Meyer further said the Business and Consumer Agency would investigate and submit its findings and recommendations on how best to proceed with cryptocurrency adoption. The Agency will hold rounds of meetings with stakeholders, critics, and industry experts to discuss the opportunities that abound in the sector.
The Snr. Adviser noted the abundance of opportunities in using digital currencies, such as transacting directly without a middleman and safeguarding people’s identity.
“We can use cryptocurrencies to conceal people’s identity and offer government services to people in a transparent manner.”
Meyer, however, acknowledged the need to have some guidelines to eliminate malicious actors and predators that could leverage the sector to commit fraud and other illicit financial activities.
Crypto Adoption in the United States
Cryptocurrency adoption in the U.S. is becoming more prevalent in many states. This year, Colorado Governor Jared Schutz Polis revealed that crypto holders would soon be eligible to pay their taxes in virtual currencies. In addition, residents would be able to pay for services, such as driver’s licenses.
Recently, Florida Governor Ron DeSantis, disclosed his intentions to permit businesses to pay their taxes in crypto-assets, considering the interest shown to make payments in the assets. Ron DeSantis is a crypto enthusiast, who understands the role of cryptocurrency, and how it will bolster the economy.
Wyoming, known as the state of cryptocurrency due to its flexible laws, is currently making provisions to allow its residents to pay in digital assets. Arizona is reportedly considering making a similar move but must amend its crypto laws.
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