The Rhode Island General Assembly has introduced abill, called the Rhode Island Economic Growth Blockchain Act, which aims atencouraging the state’s economy by ensuring that its regulations are friendlyto blockchain innovators and providing a comprehensive regulatory technologysandbox.
The Rhode Island Economic Growth Blockchain Actrevolves around four main areas: an economic growth blockchain act; settingregulations for the sale of hemp; regulation of virtual and digital assets; andestablishment of depository banks for the purposes stated. The bill ‘mainly’seeks to establish a blockchain technology advisory council and the developmentof a blockchain-based filing system.
In addition, the bill compels the tracking and tracingof heavily regulated products such as hemp, or cannabis, by using blockchain to“ensure public health and safety.” It also moves for the formation of a“financial sandbox” and a “special depository sandbox.”
Liz Tanner, director of the department of business regulation,said: “Rhode Island aims to be a leader in government efficiency and innovationand we believe exploring the possibilities of blockchain technology is a steptoward modernisation in government. This will encourage blockchain businessesto demonstrate their value to government entities, and I encourageblockchain-based businesses to consider Rhode Island to test blockchaintechnology within government.”
Last year, New Jersey Governor Phil Murphy signed two bills that aimed at bringing about a blockchain initiative task force into law. The bills, 2297 and A5111, would establish the New Jersey Blockchain Initiative Task Force and create the Innovation District Designation Program respectively.
Picture credit: Rhode Island Capitol, by cometstarmoon, used under CC BY 2.0
