MILWAUKEE (CBS 58) — Cryptocurrency is growing in popularity, and lawmakers are looking at new legislation to help business owners see it as a business opportunity.
Two Wisconsin lawmakers are hoping to create more opportunities for people to learn about cryptocurrency through a new bill. “The reality is that crypto is here to stay,” said State Senator Dora Drake.
Drake, along with State Representative Russell Goodwin, are preparing to introduce legislation aimed at teaching people more about cryptocurrency and providing more opportunities to use it.
“We know that there’s been a recent study by the Pew Research Center that states that about 64% of individuals have concerns and are somewhat nervous about cryptocurrency,” said Drake.
Cryptocurrency is essentially digital money, but it doesn’t require a bank or financial institution to verify transactions and can be used to buy things or for investment purposes.
Transactions are verified and recorded on a ledger that tracks assets and trades. “There’s not a lot of investment or funding invested in the education of it,” Drake said.
The use of crypto is gaining global traction and Drake says without education, it’s difficult for people to capitalize on potential economic opportunity.
This new legislation hopes to change that. “This is just a larger conversation of financial literacy. We know that health is wealth, but health is more than just your physical and emotional. It’s also financial,” said Drake.
The bill hopes to establish a financial services program in the Department of Financial Institutions for temporary testing of crypto.
The legislation would also require the Wisconsin Economic Development Corporation to conduct a pilot project for education and assistance to entrepreneurs, and to guide businesses on how to implement crypto as an accepted payment method.
“It’s not a partisan issue. It is focused on economic opportunities, so my hope is as we get the bill moving…that there’s interest on both sides,” said Drake.
On Tuesday, Sen. Drake hosted a panel discussion at the Ambition Center MKE to talk with tech experts and entrepreneurs about the new legislation, which she expects will be introduced formally in the coming days.’
