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The least populated state’s select committee on blockchain has put forth dozens of pieces of legislation over the last five years. And just last month, Wyoming announced plans to launch a dollar-backed token by early 2025, which aims to lower consumer payment costs using blockchain technology.
“The gap between theory and practice is still fairly wide,” said R.A. Farrokhnia, a professor of Economics at Columbia Business School and executive director of the university’s fintech initiative. “For this to work, there has to be a compelling reason for consumers to switch. If the savings are big enough that might compel someone to switch or if there are other incentives that would justify the pain of switching to a new system.”
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