California’s DMV will test using the Tezos network for digital car titles as NFTs and may release a consumer application if successful.
California DMV is working with Tezos and Oxhead Alpha to digitize car titles as NFTs and make the process of title transfers between owners easier. Currently, the DMV is operating on a private testnet version of the effort on Tezos.
NFTs To Replace Physical Docs
The California DMV is digitizing car titles as NFTs and streamlining title transfers with Tezos on a private testnet.
The California DMV aims to replicate its title database on a private testnet of Tezos, with consumer-facing applications, such as digital wallets, to follow in the next three months.
A state agency adopting technology is a milestone for the country because California is a national innovation center. Authorities in the state, however, are fearless in addressing problems they perceive to exist in the nation.
The value of Tezos was not significantly affected by the statement (XTZ).
State regulators reach a $22.5 million settlement with crypto lending firm Nexo, bringing an end to the investigation of the Earn Interest Product program.
Authorities in the US are embracing blockchain tech but cracking down on high-yield products, with the SEC increasing oversight.
At The Collapse Of FTX, Advocating For Regulation
In addition to the settlement deal and Nexo, California is pursuing additional measures to control the cryptocurrency market. Last year, significant market events such as the fall of FTX accelerated lawmakers’ efforts to regulate the crypto market.
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The goal is to protect investors’ interests and maintain a system of checks and balances inside the cryptocurrency sector. The requirement that stablecoins demonstrate sufficient reserves and undergo AML and KYC procedures is one of the problems.