Florida Must Ensure Digital Trust in Cryptocurrency
When the Florida Blockchain Task Force held its first meeting, Florida CFO Jimmy Patronis spoke to the panel about the technology’s importance, noting that regulating cryptocurrency is essential. He asserted that by its nature, cryptocurrency calls for people to replace an “institutional trust” with a “digital trust.” Patronis explained, “That goes to predictability, to being a time saver.” However, he also noted that currencies that are not generated with government backing provide anonymity and transactions outside the traditional legal and financial system.
Patronis said, “I’ve always been very candid about the challenges cryptocurrency has and to bring it into the light. We need to make sure nobody is taken advantage of by some technology that sounds too good to good to be true.” Patronis said he will examine laws already in places in other states to understand what works and what doesn't, in particular to protect the state's retirees form scammers. “As local governments embrace blockchain technology, the state needs to ramp up and grow these blockchain industries so that Florida is the leader,” he asserted.