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Rhode Island Bill Aims for Blockchain Growth

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A new bill was submitted to the Rhode Island State Parliament, creating a new regulatory environment designed to support the growth of the blockchain sector.

The bill, entitled the Rhode Island Economic Growth Blockchain Act, was introduced earlier this week by two Republican Congressmen, David Place and Blake Philippi.

Among the provisions contained in the new bill are measures to create a regulatory sandbox for startups to innovate with blockchain technology.

To compete in the 21st century economy, Rhode Island provides blockchain and technology innovators with one of the best business environments in the United States, and comprehensive regulatory technology for these innovators to develop. I understand that I need to provide a sandbox. Rhode Island’s next-generation digital products and services.

The bill also paves the way for stronger public-private partnerships, including blockchain-based public records management systems.

The state requires a public-private partnership to develop a timeless inter-ministerial, industry, and operational blockchain filing system, and redevelopment into an opportunity zone to install, maintain, and organize within the state-wide blockchain record system. I understand that the investment is advantageous.

The new law will also create a more supportive environment for blockchain businesses that have been denied banking due to the continued reluctance of commercial banks servicing emerging industries in the gray area of ​​regulation. I am aiming for it.

Rapid innovations in blockchain technology, including increased use of cryptocurrencies and other digital assets, have made many blockchain innovators inaccessible to secure and reliable banking services, making blockchain services and products on the market Development is hampered.

Assuming the bill is legislated, the bill is expected to make Rhode Island a more attractive destination for blockchain start-ups and sector innovation.

See: US Congressman Darren Sotos Keynote at CoinGeekLive, Balancing Innovation and Regulation for Blockchain Technology Growth

New to Bitcoin? Check out CoinGeek’s Beginner Bitcoin section. This is the ultimate resource guide to learn more about Bitcoin, originally conceived by Satoshi Nakamoto and blockchain.

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