SALT LAKE CITY—Utah Governor Spencer Cox has approved a bill paving the way for the creation of a blockchain and digital innovation taskforce in the state.
House Bill 335 was first introduced to the state’s legislature back in February.
The bill mandates that the task force will work on policy recommendations for the state’s adoption of digital currency and blockchain technology. The task force will also make recommendations for developing non-financial incentives for the adoption of blockchain technology in the state, Coin Geek said.
In part, the bill reads: “[The task force shall] develop and introduce recommendations regarding policy pertaining to the promotion in the state of the adoption of blockchain, financial technology, and digital innovation.”
The working group will be made up of 20 appointed by both the State Senate and the House of Representatives. The state’s Division of Finance will provide supporting staff. The task force will also be required to report annually to the Business and Labor Interim Committee and the Legislative Management Committee of Utah’s senate, Coin Geek reported.
The Rationale
According to a report by Utah-based KUTV, the governor of Utah outlined the rationale behind the task force. In a town hall meeting, Cox stated that the recommendations will help to protect Utahns without stifling innovation in the “emerging market.”
“My vision is actually clouded a little bit by what I don’t know and that’s, that’s the way it works with emerging technologies, and so we have to be careful,” he said.
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