The new bill, presented to the Rhode Island legislature, aims to stimulate the state’s economy by opening up an “ocean state” for blockchain creators.

The bill, called the Rhode Island Blockchain Growth Act, was introduced Feb. 8 by Republican Rep. David Bliss and Blake Felipe. The bill states that the proposed creation of a regulatory sandbox on Rhode Island was dictated by the need to compete in the twenty-first century economy:

“ Rhode Island recognizes that in order 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 it must offer a comprehensive regulatory and technical environment for them. innovators. Develop a new generation of digital products and services in Rhode Island. “.
In addition to creating a more favorable environment for the development of blockchain companies, the bill also aims to establish rules for the sale of cannabis and aims to reform the banking infrastructure that has so far refused to be associated with cryptocurrency or hemp products.

According to his summary, the bill will “establish rules for the sale of cannabis, regulate virtual and digital assets and establish deposit banks for these purposes.”

Speaking specifically of blockchain technology, the bill points to the benefits of a blockchain accounting system across the country:

“The government understands that a public-private partnership that develops an unchanging blockchain file storage system between agencies, industry and manufacturing is important, and new investments in capabilities that need to be established, maintained and organized in the blockchain records system across the country are beneficial. ”
The document states that laws must be updated to keep pace with technological innovation, and notes that current laws were formulated long before the introduction of cryptocurrencies and blockchain.

The sudden rise of the state’s legal cannabis in the same cryptocurrency has forced banks to close their doors to both areas, mainly due to concerns about federal illegality and a general lack of regulatory guidance. The bill also aims to create a banking system that is more friendly to hemp and cryptocurrency.

“Rapid innovations in blockchain technology, including increasing use of virtual currency and other digital assets, have resulted in the inability of many blockchain innovators to access secure and reliable banking services, which has hindered the development of blockchain services and products on the market. “