California governor signs crypto executive order to embrace blockchain

The Governor of California Gavin Newsom has reportedly signed an executive order on cryptocurrencies, setting out a detailed plan for regulatory and consumer protections as well as looking into how the state may benefit from the blockchain and digital assets.

The latest development will also divert officials’ attention to adopting wider blockchain computer formulating into the state's administrative operations, as this is where much of the world's technical innovation originates.

It is worth noting that for more than a decade, tech investors and businesses in California have been banking on cryptocurrency, with the governor now joining the bandwagon. According to Newsom's verdict, California, which is home to Silicon Valley and financial disruptors like PayPal and Square, should be at the forefront of figuring out how to adapt to new technologies.

According to Dee Dee Myers, a senior advisor to Newsom and head of the Governor's Office of Business and Economic Development, evolving blockchain and cryptocurrency technology has the potential to create a flood of new businesses, employment, and opportunities.

California has a population of around 39 million people and a GDP of more than USD 3.1 trillion, making it the largest state in the United States after the United Kingdom and India, sources claimed. Newsom's directive is a step toward making California the first state in the country to create a comprehensive, intelligent, and harmonized regulatory and economic environment for crypto assets, according to Newsom.

Essentially, the fundamental transparency of a decentralized yet publicly viewable ledger is created using blockchain technology, with other information types, such as property records, which can also be recorded using this technique. These documents are then stored on multiple computers that are linked together to form a global network, making them accessible to anyone or any institution and controlled by no one.

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https://www.business-standard.com/article/international/california-moves-to-embrace-digital-currencies-and-regulate-it-122050500030_1.html