The California Department of Motor Vehicles will test the Tezos network for scanning car titles as NFTs. The agency may also publish a consumer application after successful testing.
California Department of Motor Vehicles (DMV) Tezos is testing the network to digitize car titles as NFTs. The company originated from a collaboration between DMV, the development company of Tezos and software crypto oxhead alpha, DMC is a state agency that registers motor vehicles and boats and is responsible for issuing driving licences.
Physical Documents Migrating to NFT
Apart from digitizing car titles, it will also aim to Facilitate the process of transferring titles between owners, DMV is currently operating a private testnet version of the effort on Tezos.
Digital Director of the California DMV, Ajay GuptaThe agency said it is expected to finalize “shadow ledger”, This will completely replicate the state’s title database. It hopes to do so in the next three months, followed by consumer-facing applications. This will include digital wallets.
California is the center of innovation for the country, And a state agency using technology is a step for the nation. However, state officials have not hesitated to address what they see as problems in the country.
The announcement did not have a major impact on the price of Tezos (XTZ).
California and other states reach agreement with Nexo
Recently, the California Department of Financial Protection and Innovation (DFPI) announced that it has reached a settlement agreement with crypto lending company Nexo.
The $22.5 million settlement ended an investigation led by multiple state regulators. working group of North American Securities Administrators Association (NASAA) This effort was spearheaded by Nexo’s Earn Interest product program.
US officials appear open to using the technology blockchain for various purposes. However, he has shown a growing dissatisfaction with high-performance products. In such a situation, agencies like the United States Securities and Exchange Commission (SEC) have stepped up their efforts.
Pressure for regulation after FTX collapse
In addition to settlement agreement with Nexo, California taking other steps to regulate the crypto market. The FTX collapse and other major events in the market last year accelerated the lawmakers’ efforts.
the idea is to make sure that there is Checks and Balances within the Cryptocurrency Industry And that investors are protected. Among the problems is the fact that stablecoins They should display proper reservation and AML & KYC check.