California to Adapt and Regulate Cryptocurrency

On Wednesday, California became the first U.S state to begin adapting cryptocurrency and related innovations officialy throughout the country following the path shown by the Prresident Joe Biden in March.

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To make the state agencies move with the federal government the Gov. Gavin Newson signed an executive order to regulate the digital currencies. The order also calls for officials to study incorporating more comprehensive blockchain coding into the state operations where the most technological innovation of the world takes place.

Dee Dee Myers, Director of the Governor’s Office of Business and Economic ‘Development said that the cryptocurrency technology is an explosive creator of new companies, new jobs and new opportunities. and there are also many areas unknown in this field and they are exploring it early for this reason also, she added.

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California’s economy is more than $3.1 trillion and it has about 39 million residents. And Newsom is going to build it as country’s first state to establish a comprehensive, thoughtful, and harmonized business environment for the crypto assets.

Cryptocurrencies are based on blockchain database technology and have been so much popular in recent years. About 16% of the U.S adults have invested or traded with cryptocurrency and the percentage goes higher amongst the younger generation.

Anupama Das

An active reader and follower of news. A budding journalist tries to spread authentic news to people.

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