The Governor of New Jersey, Phil Murphy, is everywhere in the latest cryptocurrency news for signing the bill 52297 and with this giving the green light to create a so-dubbed New Jersey Blockchain Initiative Task Force. As the governor noted, the main purpose of this task force will be to study blockchain solutions for the benefit of the state.
The news have spread like wildfire on many best cryptocurrency news sites – especially because Murphy is one of the people who has not been known for his stance towards blockchain. Also, an official announcement of the state of New Jersey’s website confirmed the plans. Published on August 8, the press release shows that the taskforce will study all the risks and rewards when it comes to blockchain and distributed ledger technology (DLT).
From public to private blockchains as well as consensus algorithms, it seems like the New Jersey governor is interested in all kinds of current projects and use cases around the world and their potential in the state. He is also thinking about laws that could be changed for secure and paperless record keeping.
At this point, the creation of a task force monitored by the New Jersey governor is the next logical step. The task force, as the press release shows, will contain 14 members who are appointed by officials in different parts of the government.
The group will also have 180 days after it convenes to report on its findings – and will likely include a cost-benefit analysis of introducing blockchain technology into government agencies – plus the force’s recommendations on implementing these solutions. As the coming altcoin news show, the New Jersey governer appointed the states Chief Technology Officer Chris Rein to head the new task force.
Rein remarked and said that he was “excited to evaluate and help shape how our state government can best use, and optimize, blockchain technology.” Still, what is more important is the statement of the Senator James Beach, who sponsored the bill. Beach commented on how he feels confident that blockchain has a place in the local government as a type of security measure:
“In an age where digital information needs protecting, blockchain is a technological innovation that will protect us from hackers and those seeking to steal our information […] I believe that whatever the taskforce decides, there is a place for blockchain to be used in local governments to protect them from the ever increasing dangers of the Internet,” the Senator noted.
Bitmain’s Hashrate To Increase By 50% With 600,000 New Mining Chips
BitPay Under Fire After Rejecting BTC Donation For The Amazon Rainforest
“…We tried to increase the volume but can’t do it through the dashboard and were told we needed to email compliance.’’The debacle brought BitPay under fire due to the massive criticism which frequently engulfs the exchange. The prolonged bureaucracy compounded by another scandal including transaction fees which have led to frequent calls for business to open the source alternative payment processor and the logic as explained on Twitter pointed out in the comments on Amazon Watch’s difficulties is because Bitcoin is a free and open payment system and there are third parties that verify the transactions arbitrarily in order for the cryptocurrency to serve its purpose:
“…You don’t need (BitPay) to reject your transactions when you can verify them yourselves for free.’’As noted in the latest cryptocurrency news, BitPay’s difficulties have had a long history since 2017 even when the executives opted to support the controversial SeGwit2x bitcoins scaling proposal which eventually led for the crypto wallet Trezor to ditch the company. Amazon watch even stated that it would look into using BTCPay an alternative open-source option which could copy that similar one of the travel agent CheapAir from 2018. The backlash over the previous actions of the exchange led to many customers closing their accounts and invoices.
Coinbase Allows Its Customers To Access Dapps On Desktop Browsers
Kraken Pro Trader Believes Crypto Trading Is The New Wall Street
"Wall Street ain't what it used to be. The first 15 years I was on Wall Street, it was fun. I was very fortunate, I started in the CDS market which feels a lot like crypto. Here you have a lot of financial innovation, a lot of trading...It feels very much like that, there's a lot of energy and enthusiasm about this progress and where it's going."Another example is the Morgan Stanley alum Marcus Swanepoel who told the Financial Times:
"Over the past two years we have seen evidence building that bitcoin is an uncorrelated asset class so it makes sense to add it to portfolios."The trend is growing towards more portfolio managers coming in including what Minier says is mavericks and savvy hedge funds entering the crypto space. The digital currency investment company Greyscale investments also saw its assets under management balloon to $2.5 billion and most of which originated from big investors including hotshot hedge funds. The Kraken Pro trader stated:
"I think it's going to be one of those things in a blink that everybody is going to start chasing it.’’With the upcoming launch of the Bakkt bitcoin futures exchange, more traders could begin to feel the way that Minier does and Kraken has been experiencing an uptick with the institutional demand for crypto but he admitted it was too slow. In the meantime, the rival crypto exchange Coinbase based in San Francisco revealed that hundreds of millions of dollars in institutional capital is coming straight off the sidelines into cryptocurrencies a week as we noted previously in the latest cryptocurrency news. They sure can’t find these types of returns in any other asset class with rock-bottom interest rates and the equities mimicking bond yields. Bitcoin in the meantime has generated high returns of more than 150 percent year to date.
Join us on Facebook
- Bank Of England Governor Says Crypto Could Displace The US Dollar
- Bitcoin Breaks 5-Day Long Trend Reaching $9,800 Support Level
- Bitmain’s Hashrate To Increase By 50% With 600,000 New Mining Chips
- U.S. Government Rules Out BTC As Drug Funding Mechanism
- BitPay Under Fire After Rejecting BTC Donation For The Amazon Rainforest
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News3 days ago
Anthony Pompliano Says G7 Only Needed 10 Years To Discuss Bitcoin
Blockchain News5 days ago
Coinbase Confessed To Have Put Traders’ Funds At Risk
Blockchain News4 days ago
E-Commerce Giant Rakuten Launched Its Own Crypto Exchange
Bitcoin News3 days ago
Bitcoin Gets Blacklisted By US Treasury Due To Money Laundering Suspicions
Blockchain News5 days ago
Telegram Open Network Will Finally Launch On October 31st
Blockchain News3 days ago
World Bank Raised $33.8 Million Via Blockchain Bonds
Bitcoin News1 day ago
Winklevoss Brothers On BTC: ‘Wall Street Has Been Asleep’
Bitcoin News4 days ago
Hong Kong Demonstrations Strengthen Bitcoin’s Safe-Haven Status