The new bill, sent to the Rhode Island legislature, aims to boost the state’s economy by opening up a “sea state” for blockchain creators.
The bill, dubbed the Rhode Island Blockchain Growth Act, was introduced on February 8 by Republicans David Bliss and Blake Felipe. The bill states that the proposed creation of a regulatory sandbox in Rhode Island was dictated by the need to compete in the 21st century economy:
“ Rhode Island recognizes that in order to compete in the twenty-first century economy, Rhode Island must offer one of the best business environments in the United States for blockchain and technology innovators, and it must offer a comprehensive regulatory environment for these. innovators. to develop next-generation digital products and services in Rhode Island. “.
In addition to creating a more attractive environment for new blockchain companies, the bill also aims to establish rules for the sale of cannabis and aims to reform the banking infrastructure that has so far refused to be associated with cryptocurrency or hemp products.
According to his summary, the bill will “establish rules for the sale of cannabis, regulate virtual and digital assets and create deposit banks for these purposes.”
Speaking specifically about blockchain technology, the bill points to the benefits of a nationwide blockchain registration system:
“The government understands that a public-private partnership that develops an immutable blockchain archive system between agencies, industry and operations is important and profitable to develop investments in the area of opportunities to be established, maintained and organized in the blockchain registry system around the world. a country.”
The document says laws need to be updated to keep pace with technological innovation and notes that the current laws were formulated long before the advent of cryptocurrencies and blockchains.
The sudden rise in the legal use of cannabis in the same cryptocurrency has forced banks to keep the doors closed to both domains, largely due to concerns about federal illegality and a general lack of regulatory guidance. The bill also aims to create a banking system that is more hemp and crypto-friendly.
“Rapid innovations in blockchain technology, including the increasing use of virtual currency and other digital assets, have resulted in many blockchain innovators being unable to access secure and reliable banking services, which has hampered the development of blockchain services and products in the market.”