California is the first state to formally begin examining how to broadly adapt to cryptocurrency and related technologies, following a path laid out by President Joe Biden in March.
Blockchain creates the underlying transparency of a decentralized but publicly viewable ledger. The technology can also be used to record other types of information, such as property records. The records are held on many computers that together form a global network so that no one and no institution can control them.
California’s approach will help to legitimize the technology and bring it into the mainstream, said cryptocurrency skeptic Hilary Allen, a financial regulation professor at American University in Washington, D.C. But she doesn't think it's the best approach for the state and its residents. “While this approach will create more of a market for crypto ... it is unlikely to produce the best outcomes for users of public services in California,” Allen said.
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