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State of Utah creates blockchain and digital innovation task force

Governor of Utah Spencer Cox signed a bill for the creation of the Blockchain and Digital Innovation Task Force

Published: May 9, 2022 06:37:52 PM IST

Image: Shutterstock

The state of Utah passed the Bill for the creation of the Blockchain and Digital Task Force, responsible for regulating blockchain initiatives and formulating policy recommendations on matters related to blockchain technology. The bill was signed by Spencer Cox, the Governor of Utah.

At least three crypto and blockchain-related bills have already been passed in the State Legislature. The list includes House Bill 456, which allows the Beehive State to accept cryptocurrency payments.

The task force created under the bill will have 20 members from various blockchain-related fields, including cryptocurrency and fintech. Out of the 20 members, not more than five members will be appointed by the Senate, up to five members by the speaker of the House of Representatives, and up to five members by the governor.

The members will study the implications and possibilities of blockchain technology and formulate policy recommendations for the promotion and adoption of blockchain, fintech, and other emerging digital innovations. The scope of policy-making entails the non-financial incentives for the industries related to these sectors.

The task force will be needed to present an annual report on or before November 30 to the Business and Labour Interim Committee–the two committees of the Utah State Senate. According to the bill, the Utah Division of Finance will be required to provide staff support to the task force.

Jordan Tuescher, Utah State Representative, said, “That bill allows for the Department of Finance to contract out with the company that would allow the state and other municipalities and counties to accept virtual currency and ensures that any liability for that lies within the person who is paying. So the state doesn’t have any sort of risk in it."

The bill was first introduced in the Utah State Legislature as House Bill 335 in early February 2022. The bill then passed through several senates, houses, and fiscal actions for two months before Governor Cox signed it on March 24.

The bill comes in the wake of the US SEC planning to double the number of personnel dedicated to safeguarding investors in the cryptocurrency markets.

Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash