Washington Governor Signs a Bill to Accelerate In-State Blockchain Adoption
The initiative’s goal is to turn the state of Washington into a global leader in the blockchain space.
Jay Inslee – Governor of Washington – signed into law the Engrossed Substitute Senate Bill 5544, which establishes a blockchain workgroup in the northwest state. The development aims to accelerate the adoption of the technology across a wide range of sectors such as banking and financial services, health care, real estate transactions, higher education, supply chain, and more.
Blockchain Work Group Emerging in Washington
According to a recent press release, the unit will help Washington become a global leader in the cryptocurrency universe. The workgroup will encompass several participants, including financial institutions, representatives from the legislature, and trade associations. It will host its inaugural meeting by December 1, 2022, and present a report to Governor Inslee by December 1, 2023.
Senator Sharon Brown – a sponsor of the legislation – opined that numerous companies seek to adopt blockchain technology to “improve the delivery of services.” In her view, this law is a “vital first step” in creating a welcoming environment for new business prospects.
“By creating the Washington Blockchain Work Group, we are sending a clear message that Washington is ready to start working with the private sector to advance this technology for the benefit of all Washington residents, employers, and workers,” she surmised.
The Cascadia region (where the state of Washington is located) is home to many startups focused on fintech and blockchain technology, with ArcBlock, Dragonchain, Lumedic, and Mythical Games being some examples.
Arry Yu – a top executive at WTIA Cascadia Blockchain Council – predicted that the formation of the aforementioned workgroup will transform Washington into a global crypto hub. “It has been a tireless few months of work from the Council and our supporters, and it’s rewarding to see our hard work come to fruition,” she said.
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