Key Takeaways



Another US-State is on the way to adopting digital currencies.  The Government of California has issued a bill to frame regulations related to cryptocurrency. 



Though the expansion of the crypto industry is backed by the masses, the industry also needs the support of the regulators and the government for rapid development. As of now, several governments have accepted digital currency. El Salvador and Panama have also given Bitcoin a legal status. 



Another state is making a movie about the adoption of cryptocurrency. On May 4, Gavin Newsom, the Governor of California signed an Executive Order on digital currencies. Thus, laying the foundation for crafting regulations.



It has been made clear by the Government in the beginning sentences that the state stands on values like “equity, inclusivity, and environmental protection”. Therefore, the authorities have been requested to unite the federal and Californian laws by creating a “transparent and consistent business environment”. 



It has also been stated that the regulations framed should be by Biden’s Executive Order that was signed on March 9, 2022. Four ‘work streams’ have also been defined in the order that mentions that the technologies must be used for “public-serving use cases.” 



The state is also looking forward to focusing on the shortage of skills in the Web3 sector. Therefore, the government has plans of including it in academia as well. It reads, “Members of the Governor’s Council for Postsecondary Education are encouraged to identify opportunities to create a research and workforce environment to power innovation in blockchain technology, including crypto-assets”.