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Almost all of the US states have shown their keenness for Crypto adoption.

Apr 20, 2018 Posted /  861 Views

Almost all of the US states have shown their keenness for Crypto adoption.

According to a study released by Brookings Institution, most of the US states have envisaged regulations on the Bitcoin and related cryptocurrencies. The study segregates jurisdictions in accordance with their attitude towards the digital currencies and also their levels of engagement with the digital currencies.

  • 2 waves within a span of 4 years.

Currently, the various states are under different stages of the implementation of the digital currencies. Some of them also have not imposed any regulation in order to suck advantage from them. Most of them have also been noticed to leverage these technologies in order to provide Public Service also to stimulate the local economy. The experts have identified 2 waves in the regulation of the cryptocurrencies.

The first wave was initiated in the year 2014 where almost 20 states envisaged regulations on the digital world. Initially, in states like California and New Mexico, the regulators, issued warning against the investment of the cryptocurrencies. The second wave was experienced within last 2 years where the countries adopted the Technology for its exploitation towards the betterment of people both in public and private sectors.

One of the current states is Colorado where a bipartisan bill is introduced as a precautionary measure promoting the use of blockchain for the government record keeping. Wyoming is looking forward to having a broader impact of the digital currencies on the state economy. This is evident as the state recently passed a legislature which exempted digital currencies from taxation. The state is also entitled to be one of the most friendly to the cryptocurrency world.

However, two of the other states have legalized Bitcoins in order to tax them.  Arizona is deemed to be the first state to accept cryptocurrencies as taxes. Similar to which the state of Georgia might also provide a provision of paying the taxes using the digital currencies.

Many states have introduced regulations in order to eradicate confusions pertaining to the exchange of cryptocurrencies and the application of money transmission laws. The researchers have reached the conclusion that almost all of the US states have introduced some of the other kind of regulation towards the cryptocurrency.

  • A shift of perspective.

The classification of jurisdictions based on the attitude and engagement with the blockchain technology is done in the report named “Blockchain and US State Governments: An Initial Assessment.” The authors of which have divided the states into several groups namely.

  • Unaware
  • Reactionary
  • Appreciative
  • Organized
  • Actively Engaged
  • Recognizing Innovation Potential

The state which falls in the first criteria is the one which has not taken any action towards regulation of the cryptocurrencies. For instance states like Arkansas and South Dakota. However, a lot of cryptocurrency activities have been observed in the private sector of the states.

The state which was considered to be taken negative standards against cryptocurrencies is flagged as “reactionary.” The states which are included are Indiana, Iowa, and Texas.

North Dakota is considered to be one of the best examples of “appreciated” criteria because the company has initiated the process of legislation but has not passed any bills yet.

States like New Hampshire and Washington fall under the “organized” criteria as they have already passed laws for the regulation of the currency.

According to Brookings Institution, 7 States have been included in the “active engagement” criteria that have gone beyond the implementation and also have been researching about the potential uses of the blockchain technology.

In general, rgegulations of the cryptocurrencies is strictly only for the developmental purposes and to hinder all the unlawful activities that are undertaken under the name of digital currencies. Most of the states of the United States are showing engagement towards the digital currencies in order to explore its potential.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: digital currencies Bitcoin and related crypto

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