Rhode Island bill aims for blockchain growth

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A new bill has been introduced to the Rhode Island state legislature which would create a new regulatory environment designed to support the growth of the blockchain sector.

Titled the Rhode Island Economic Growth Blockchain Act, the bill was introduced earlier this week by two Republican House representatives, David Place and Blake Filippi.

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

“The state of Rhode Island understands that 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 should offer a comprehensive regulatory technology sandbox for these innovators to develop the next generation of digital products and services in Rhode Island.”

The bill also paves the way for greater public-private collaboration, including public record keeping systems powered by blockchain.

“The state understands a public-private partnership developing an immutable interagency-industry-operability blockchain filing system is vital and redevelopment investment in opportunity zones that shall install, maintain, and organize within the system of blockchain records throughout the state is advantageous.”

The new law also aims to create a more supportive environment for blockchain businesses denied banking, due to the ongoing reluctance of commercial banks to service emerging industries in regulatory grey areas.

“The rapid innovation of blockchain technology including the growing use of virtual currency and other digital assets has resulted in many blockchain innovators being unable to access secure and reliable banking services thereby hampering development of blockchain services and products in the marketplace.”

Assuming the legislation is adopted into law, it is hoped the bill will make the state of Rhode Island a more attractive destination for blockchain startups and innovation in the sector.

See also: U.S. Rep. Darren Soto’s keynote talk at CoinGeek Live, Balancing Innovation & Regulation for Growth of Blockchain Technology