Is Colorado On Its Way to Becoming a Blockchain Hub?

BTC Wires: Colorado, which had already been one of the leading US states as far as blockchain lawmaking is concerned, now appears to be a potential blockchain hub. According to an announcement on the website of Governor aspirant Jared Polis, the Democratic candidate is looking to address blockchain as a part of the issues to be covered during his campaign. The gubernatorial candidate is apparently aiming to turn Colorado into a national blockchain hub that would be conducive to a strong innovation ecosystem. These additions to the list of issues he would take up was made on 8th August, Wednesday.

Polis is calling for the implementation of 5 key initiatives related to blockchain. Some of these initiatives include development of infrastructure to enhance cybersecurity in election management or the building of a ‘safe harbor’ that would allow cryptocurrencies to be let off from being regulated under state money transmission legislations. In addition, he has also indicated support for the use of blockchain solutions to enhance the state energy grid, cutting down on bureaucrat recruitment while improving efficiency and surveying ways to apply blockchain solutions differently.

Just like Wyoming, that had defined digital currency as “Utility Tokens”, thereby introducing a new category of assets, Polis wishes to work towards legislation that would safeguard ‘open blockchain tokens’ or virtual currencies that can be exchanged for commodities.

A few US States have already implemented the distributed ledger technology (DLT). For example, the Connecticut Governor established a blockchain working group in June to explore ways to harness the potential of blockchain. In March, the Tennessee Governor signed a bill that acknowledges the legality of using blockchain and smart contracts in making and monitoring electronic transactions.

Polis has been one of the few vocal supporters of cryptocurrency and blockchain in the House of Representatives. With a few fellow enthusiastic Congressmen, he helped to establish the bi-partisan Congressional Blockchain Caucus.

Colorado has seen continued enthusiasm for blockchain in the recent past. It earlier passed the House Bill 14-26 and the Senate Bill 86 which made it possible for the state to start considering issues like whether or not cryptocurrencies should be considered as security.

Dmitriy

Having majored in Social Psychology and Economics, I worked as a team lead of a tech and fundamental analysis lab in the Applied System Analysis Research Institute. I write financial articles for various international media. I also hold the position of a Chief Analyst at RoboForex.