If California were a country, it would have the world's fifth-largest economy, and today it became the first state in the United States to publicly begin investigating how to broadly adapt to bitcoin and similar advances.

Gavin Newsom, the governor of California, signed an executive order directing state agencies to work in coordination with the federal government to develop regulations for digital currency trading. It also encourages officials to investigate the possibility of integrating broader blockchain technology into the government operations of the state that has created most of the world's technical innovation.

Dee Dee Myers, a senior counselor to Governor Gavin Newsom and head of the Governor's Office of Business and Economic Development, said that evolving blockchain and cryptocurrency technology  "is potentially an explosive creator of new companies and new jobs and new opportunities".

A similar order was signed by President Joe Biden in March, instructing the federal government to conduct studies into the benefits and risks associated with cryptocurrency - now California is following a similar path.

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Author: Ryan Kalbari
Toronto Newsdesk / Breaking Crypto News