Rhode Island Introduces Rhode Island Economic Growth Blockchain Act

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • With the initiative of two optimistic delegates of the Rhode Island General Assembly, a new bill about enabling environment for crypto and DLT based business has been introduced in the assembly.
  • Rhode Island must offer the best business environment of blockchain in the US and tech innovators.
  • The bill is also known for the conception of the DLT advisory council and the expansion of a blockchain filing system.

To create regulatory clarity around Bitcoin (BTC) related businesses and blockchain reformers, Rhode Island’s representative turn out a new bill.

With the initiative of two optimistic delegates of the Rhode Island General Assembly, a new bill about enabling environment for crypto and DLT based business has been introduced in the assembly.

Formally, the bill named, the Rhode Island Economic Growth Blockchain Act was formulated by the representatives David Place and Blake Filippi whose purpose is to build an open structure for fintech as well as blockchain-focused businesses. Thus, enhancing the state’s economy for the long term.

Per reports, the key purposes of the Rhode Island Economic Growth Blockchain Act include working as an economic growth blockchain act, managing virtual and digital assets, controlling the sale of hemp and forming depository banks to facilitate crypto associated businesses.

The New Blockchain Bill Introduced in Rhode Island 

Rhode Island realizes how to compete in the 21-century economy. Rhode Island must offer the best business environment of blockchain in the US and tech innovators.

Though, an inclusive regulatory technology sandbox is also offered for these innovators to build digital products and services in Rhode Island for the next generation.

Introducing Blockchain Sandbox

The bill’s objective is to endorse blockchain adaptation in Rhode Island. Also, to make sure that this advanced technology is used for tracking excessively regulated products like cannabis.

The bill is also known for the conception of the DLT advisory council and the expansion of a blockchain filing system.

The bill also seems to be set in place a Special Purpose Sandbox and a Financial Sandbox that will boost the crypto investors as well as blockchain innovators to business independently deprived of any present state laws.

The Special Purpose Sandbox will monitor the launch of a Special Purpose Depository Institution, which will function as a bank to business the sandbox, resulting in ease for crypto-related startups to access traditional banking services.

Meanwhile, Rhode Island has been performing best to place itself as the leading island of innovation in the current scenario.

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