Since the early years, the USA has always been open to new developments, including cryptocurrencies such as Bitcoin and Ethereum. Some states have already integrated the fintech in their operations and are enjoying their benefits, while others are waiting for the proper regulation of the field.
Many state authorities and agencies from different parts of the country have decided to embrace the technology and started to implement it in various fields. For example, Ohio has recently announced its intention to accept tax payments in cryptocurrency. The use of blockchain is believed to help with tracking money transfers in real time and minimizing fraudulent activity related to tax payments.
“We’re doing this to provide Ohioans more options and ease in paying their taxes,” treasurer Josh Mandel said in announcing the move.
While Ohio has only made a couple of steps towards using virtual coins, California and Wyoming are actively developing their own crypto coins.
“Some jurisdictions are looking at issuing their own digital currencies as a way to raise funds for municipal projects,” says Joe Rotunda, director of enforcement for the Texas State Securities Board.
One good example is the city of Berkeley, California, which is working on a brand-new pilot project for financial investors. An incentive is based on the creation of a crypto coin that will help investors to buy municipal bonds and donate money to social funds.
In Wyoming, the whole group of crypto advocates has been created, which is called the Wyoming Blockchain Coalition. The organization is mainly dealing with representing crypto-related cases in the court, pushing fintech-friendly laws, and building the favourable conditions for crypto businesses in the state.
According to a poll, where US investors were asked how exactly the crypto market should be regulated, most of them preferred federal government regulation. However, nearly 32% expressed their willingness to have the financial technology unregulated. Other answers included regulation at both the federal and state levels (9%) and regulation as determined by individual states (2%).
The positive attitude towards cryptos is obvious, but a widespread expansion of its use requires the phenomenon to be regulated at the highest level. Nevertheless, Mr Rotunda believes that states will definitely manage to cope with cryptocurrency integration in the long term.
“The public is really interested in this and we have an obligation to protect those investors,” he concludes. “As the legitimate markets develop, things will tend to settle down.”