Rhode Island State Pending Blockchain Growth Bill

Rhode Island Considers Blockchain Economic Growth Bill toEncourage innovators to develop the next generation of digital products and services.

Under the bill, the state plans to createa robust public-private partnership that will develop “an immutable blockchain data storage system for industry participants.”

The bill also states thatthe existing legal framework is inadequate as it was created before the advent of technology. This has led many blockchain related companies, both in Rhode Island and throughout the United States, to be denied banking services.

To make a difference in the billit is proposed to create in the state “a new type of financial payment and depository institutions with knowledge in the field of customer identification, anti-money laundering and beneficial ownership requirements”. Such institutions will be able to provide custodial services for holders of both traditional and digital assets.

As part of another paragraph of the billIt is proposed to create a platform on the blockchain to track regulated products, such as hemp and its derivatives. This is supposed to be a universal system for tracking products, payments and tax reporting, aimed at protecting public safety and health.

Let us recall that last summer the stateRhode Island has issued a request for proposals to explore how blockchain could be used to improve government operations. The state also proposed exempting some tokens from the Securities Act a year ago.

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