California has been a state that actively accepts necessary changes with time. It has openly been supporting the cryptocurrency industry as well. During the Bitcoin Era, despite the advances made by investors in the industry, people and governments are still skeptical about its profitability and security.
However, California has identified the potential of cryptocurrency, and it supports crypto trading and mining to great extents. California holds a lot of cultural and economical importance and influence over the rest of America. This popularity is because of its high and diverse population. Thus, California is leading the future of America’s Crypto Economy. Let us discuss several aspects regarding this topic and understand how.
California and Cryptocurrency-Effects of Laws and Provisions
California is preparing to legitimize and regulate cryptocurrency in the state. The legislation of California, as well as independent movements, aims to embrace cryptocurrencies to the maximum. This will set an example for the rest of the world. The legislation of California has empowered the cryptocurrency industry as they passed several laws that support and embrace crypto trading.
The AB-2150 was passed by the California State Assembly, which legitimized Cryptocurrency as an asset. Crypto tokens can also be classified as securities, which face many restrictions. However, if written down in law, the cryptocurrency would be exempted from securities, which will lead to it enjoying lesser restrictions. Many traders have had to pay huge sums of money owing to such restrictions.
Such restrictions, therefore, hold the capability of compelling companies to not invest in crypto or move to some other country where crypto trading is easier. Moving to other countries would take a lot of tech talent away from the USA.
The tech talent shortage is already prevalent in many parts of the country. California is doing well in this aspect as its positive approach towards cryptocurrency has attracted loads of tech talent, allowing the state and the crypto industry to grow well.
Calexit and Its Attempts To Create A New Nation
Several campaigns vouching for Calexit are analyzing how crypto could work as a basis for the state economy. If the state of California discovers the positive impact of a crypto-based economy, the rest of the United States just might follow.
Such possibilities can help the crypto industry grow beyond expectations and allow investors to create wealth to extreme extents! It is easy to imagine the impact of such an assessment over the economy of the state irrespective of whether Calexit becomes a reality or not.
Traditional currencies have certain limitations that cryptocurrencies do not. Owing to this, a huge part of the market is currently shifting to digital transactions that are still based on fiat currencies. However, cryptocurrency can prove to be a better choice, as they are not subject to inflation and are more secure.
California acknowledges these aspects and is strategizing. This is done to create a framework for the crypto industry to excel. The lawmakers of California are becoming aware, and the majorities of the citizens are pro-crypto and are learning more regarding the potential of the crypto industry.
Economies Incredibly Aimed At Destroying Crypto
Experts also state that banks have tried to kill the crypto industry, but failed to do so. It is impossible to avoid the effects of the growing crypto industry unless it is banned in a country, which is far from the case in the USA. Learning from this, banks have now started to embrace the crypto industry.
The crypto acceptance rate in California is very high. You can therefore infer that California is one of the few crypto-friendly cities in the USA. The rest of the USA should learn from California and understand how the legitimization of crypto can help more people get access to the market.
If this new economic model is tested and deployed in California, the rest of the United States and the world can learn from them. Thus, one can state that the role of California in the Future of America’s Crypto Economy is an instrumental one.
Experiments carried out in California can provide results capable of sparking further studies and research. The state of California is majorly responsible for the development of the crypto industry in the US. Click here to know about the right platform to earn bitcoins.