If AB 1052 is a warning for those who 'sleep on the exchange wallet', then the AB 1180 bill is a major turning point: The California government officially supports crypto payments in state transactions.
Specifically, the bill requires the Department of Financial Protection and Innovation (DFPI) to establish a system:
• Allow crypto payments in state funds and transactions
• Monitor all blockchain-related activities concerning the state
• Report progress and legal issues by 2028
So what does this mean?
1. Legalize crypto at the state level
Crypto is no longer seen as a 'risk'. The government wants to integrate it as a mainstream payment method.
2. Move towards using blockchain technology in administration
Payment of public fees, taxes, or service charges can be made with crypto. This was once a distant prospect, but now it's very close.
3. A stepping stone for CBDC or state-issued stablecoins
Not explicitly stated, but when an agency like the DFPI is tasked with monitoring all crypto transactions, you can be sure they are preparing for something bigger – like state-level CBDC or local stablecoin.
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🔥 Quick comparison with the world:
• Louisiana has allowed government service payments with crypto since September 2024.
• Dubai goes further: partnering with Crypto.com to allow citizens to pay fees with crypto.
California does not want to fall behind. They are not only making laws but also experimenting and integrating – something no other state has dared to do as decisively.