Rhode Island state considers a bill of blockchain economic growth providing with an aim to stimulate innovators to develop the next generation of digital services and products.
According to the bill, the state is planning to create reliable public-private partnership, within which “an immutable system of blockchain data storage for branch`s participants” will be developing.
In the bill it is also noted that current legal framework is inadequate, as it has been created before technology appearance. This situation has resulted that many blockchain-related companies, both in Rhode Island and throughout the USA, have received denial of banking services.
In order to change the situation in the bill they offer to create in the state “a new type of financial payment and depository institutions with knowledge in area of customer identification, anti-money laundering and beneficial ownership requirements”. Such institutions will be able to provide custodial services for holders both traditional, and digital assets.
Within one of the bill`s points it is offered to make a blockchain-based platform to track regulated products, like hemp and its derivatives. This is supposed to be a universal tracking system for products, payments and tax reporting, aimed to defend public safety and health.