Investing.com - Cryptocurrency prices advanced on Thursday in Asia. While not a directional driver, the news that New York State is set to create a crypto task force to study digital tokens received some focus.

Bitcoin gained 1.34% to $3,859.9 and Ethereum surged 8.06% to $152.25 at 1:00 AM ET (06:00 GMT).

XRP rose 1.7% to $0.36731, while Litecoin climbed 3.16% to $32.654.

Assemblyman Clyde Vanel stated on social media on Wednesday that New York Governor Andrew Cuomo signed a digital currency study bill last week, making it the first state in the U.S. to form such a team.

The task force will study how to “properly regulate, define and use cryptocurrency,” and is expected to submit reports by Dec. 15, 2020.

“Cryptocurrency…is more than just an asset that stores value. It is used as currency, a means to exchange for goods and services. It is also used to record contracts and transactions. Cryptocurrency tokens are also used as utility tokens that can record or store information; from how long someone browses a website to rewarding behaviours,” Vanel said.

“The technology that undergirds cryptocurrency, blockchain technology, can be used in countless applications in the public and private sectors to improve transparency and efficiency. In fact, our government should consider blockchain uses with elections, the recordation of vital records and real estate transactions; to name a few.”

Thailand’s National Electronics and Computer Technology Center (NECTEC) echoed Vanel’s comments. The statutory government organisation has developed blockchain technology that can be applied to elections in many levels.

“The goal is to reduce fraud and maintain data integrity,” Chalee Vorakulpipat, head of the cybersecurity laboratory at Nectec, said.

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