Recently, the office of Governor Chris Sununu of New Hampshire released a press statement on digital currencies. The Governor’s release expresses support for blockchain technology and its potential economic benefits. Meanwhile, he has proposals to clarify laws and aid law enforcement agencies in protecting investors in the state.
Meanwhile, the report reached three main conclusions. First, it acknowledged that blockchain technology has significant societal and economic implications.
Second, it noted that the regulatory and legal status of the technology is uncertain and can hinder economic growth and innovation. Lastly, the report advised the state to invest in resources to establish the region as a center for blockchain development.
A key recommendation in the report is for the Department of Energy to examine the potential integration of Bitcoin mining operations into the state’s energy plan. This includes evaluating the potential benefits such as a more stable electricity grid, increased sustainability in energy generation projects, and reduced energy costs for consumers.
Additionally, he asked the department to assess the environmental impacts of Bitcoin mining. Furthermore, the report also talks about legal and policy development, saying:
“There should be improvements in laws and regulations to match this next developmental phase. These legal improvements aim to ensure actors in the crypto space are held accountable. Also, the laws should be simple and easy for participants to understand.”
Notably, this is a significant development for New Hampshire, which has previously demonstrated interest in cryptocurrencies. Interestingly, Governor Sununu has been a prominent figure in these discussions.
New Hampshire Governor To Make The State A Financial Hub
The Governor has repeatedly reiterated his support and belief in the potential of crypto and blockchain technology. Besides, he had created a Commission on Cryptocurrencies and Digital Assets.
The commission evaluates the technology and its application while ensuring the safety of investors and compliance with regulations. Sununu is eager to establish New Hampshire as a center for financial innovation using blockchain technology.
Presently, regulating digital assets is a major issue discussed worldwide, and New Hampshire is taking the lead. The recent collapse of FTX may result in further changes to the existing regulations.
Meanwhile, Governor Sununu’s positive attitude towards cryptocurrencies is shared by other legislators. Last March, legislators passed a financial reform bill that made New Hampshire the first state to adopt the federal Universal Commercial Code (UCC), which has significant implications for regulating and using digital currencies.
The UCC facilitates the purchasing and selling digital currencies such as BTC and ETH. This is the initial step in positioning the state as a center for financial activity and innovation.
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