The governor of California is trying to regulate the thriving digital currency industry and has issued an ordinance setting out a plan for the adoption of cryptocurrencies in the state. Thanks to this order, the largest economy in the United States will begin to prepare a regulatory framework that will cover all aspects of the use of digital assets. This is said to be the first regulation of its kind by the American state. While other states have some regulations in place for the cryptocurrency sector, the proposed California framework is much more comprehensive. Governor Gavin Newsom's goal is to bring legislation that will support the development of the cryptographic sector while protecting the interests of investors. The state will also explore ways to use this nascent technology in various government facilities.
Dee Dee Myers, Director of the Governor's Office of Enterprise and Economic Development, said:
"WE CAN USE IT TO PROTECT PEOPLE'S IDENTITY AND PROVIDE BENEFITS TO PEOPLE THROUGH GOVERNMENT SERVICES"
Governor's order will be implemented by the California Bureau of Business and Economic Development in collaboration with the Consumer and Housing Services Agency and the Department of Financial Protection and Innovation, and many California businesses will be invited for consultation. California is home to many major technology companies, including many large cryptographic and blockchain companies. This government statement demonstrates the massive acceptance and support of the industry, as the state intends not only to maintain these businesses, but also to be an attractive place for new, start-up cryptographic companies.
According to TripleA, 8.3% of the country's population has admitted to investing in cryptocurrencies, representing a total of more than 27 million citizens. Interest in digital assets is not waning. This is well illustrated by the executive order of US President Joe Biden in March this year, which instructed representatives of the Treasury, Foreign and Justice Departments to undertake a thorough review of virtual currencies and other digital assets in order to develop a federal policy to oversee the rapidly evolving cryptocurrency industry in the United States.