The new party law, presented by Democrats to the House of Representatives in Hawaii on Monday, calls for a targeted strategy to explore and support the use of blockchain technology by individuals, businesses and government agencies.
Hawaii House Bill 622 calls for action requiring the government’s economic development agency, Hawaii Technology Development Corporation, to create a blockchain working group that will recommend blockchain definition and advise on technology adoption. The introduction to HB622 says:
“The legislator understands that the distributed ledger format acts as a blockchain technology that can be used to support a variety of public and shared applications, including land registration, identity management, supply chain tracking, healthcare, business registration, taxation, voting, digital currency, and payments. . ”This technology requires a trained and holistic approach so that the introduction of blockchain technology in the country does not hinder innovation and growth. ”
The draft law provides a detailed overview of how the proposed working group will be formed. It is proposed that the chairman of the Hawaiian Technology Development Corporation chair the newly formed working group, which will appoint members from various government agencies to contribute. In addition to the city council planners, the working group will invite representatives of several civil society structures.
These representatives will include professionals from the ICT sectors: technology manufacturers, software and service providers, companies of all levels, blockchain technology experts, academic researchers, rural and urban stakeholders, non-profit organizations and consumer groups, among others. The bill states that several civil society representatives should be invited to the working group based on their current participation in various blockchain-related activities, be it research, use or development.
If the proposed law is successful, the working group will meet within 90 days after the law is passed and is expected to submit a report and recommendations to the state legislature, including a definition of blockchain, proposed opportunities for technology adoption by government and individuals. participants, as well as proposals for other laws – no later than a month before the next session of the House of Representatives in 2022. The working group will also be disbanded by June 30, 2022.
In early 2020, Hawaii began considering a digital asset bill that would support bank custody. In March 2020, the state also created a digital currency sandbox that aims to bring cryptocurrency into the country.
Part of the driving force behind the new security measure was the elimination of the consequences of strict government regulations requiring cryptocurrencies to own the same amount of cryptocurrencies as their clients, who used major cryptocurrencies such as the famous US exchange Coinbase to transition. from the country.