The office of New Hampshire Governor Chris Sununu published a report on cryptocurrencies and blockchain technology and also issued a press release related to cryptocurrencies on Thursday. New Hampshire is a state in the New England region of the northeastern United States.
Interestingly, the report vividly covers the benefits of blockchain technology and its prospective impact on the economy. It primarily favors decentralized technology, though it also proposes clarifying laws and supporting law enforcement agencies to protect local investors.
The governor’s report has three major conclusions regarding blockchain technology:
- Blockchain technology potentially has many important applications in society and the economy.
- The technology’s legal and regulatory status is uncertain, undermining innovation and economic development.
- The report believes that the government should dedicate resources to making the region a hub for development.
Among other things, the governor recommends that the Department of Energy examine Bitcoin mining for its potential benefits. In the report, one of the most significant recommendations is that the department of energy should review “how Bitcoin mining operations must be integrated into a statewide energy plan.”
The governor’s recommendations are to examine how it can result in a stable electricity grid, more sustainable generation projects, and lower consumer costs. He also asks for a review of the environmental effects of Bitcoin mining. The report stated:
The Commission believes that this next phase of development…should be accompanied by improvements in the legal infrastructure… Such legal and policy improvements should ensure that persons participating in this new arena are accountable for their actions…they should also ensure that participants have clear notice and understanding of all legal rules that apply to their activities.
Interestingly, this report from the New Hampshire governor is a sizable step forward in favor of cryptocurrencies. Sources suggest that governor Sununu has always been at the center of those discussions.
Sununu has made his stance in favor of blockchain technology and crypto clear. He reportedly established a department called the Governor’s Commission on Cryptocurrencies and Digital Assets.
The commission examines the technology and its implementation while protecting investors and following regulations. In addition, the new governor seems enthusiastic about making the region a hub for financial innovation and blockchain technology.
However, New Hampshire is not the only state to favor cryptocurrencies and blockchain technology. In an interview in November, Greg Abbott, the governor of Texas, called Bitcoin and blockchain technology the cutting edge of the innovation world.