Legislators: “Bitcoin has Broad Benefits for Hawaii”

Democratic representatives Mark Nakashima and Chris Lee from Hawaii have sponsored a bill in hopes of creating a friendly environment for Bitcoin and blockchain technology in the island state. The proposed legislation encourages using these technologies to benefit the local region’s tourism.

Also read: Bitcoin Regulatory Guidelines Are Coming to the Philippines

Hawaii’s House Bill 1481 Sees ‘Vast Potential’ in Digital Currencies and Blockchain Technology

Slowly but surely many state governments throughout the U.S. are studying and trying to define Bitcoin and its underlying technology. Just recently, two legislators from Hawaii sponsored House Bill 1481, which aims to begin the research of cryptocurrencies and blockchain technology. The bill states that the legislature has recognized “vast potential for this technology to drastically change and improve public sector operations and private industry capabilities.”    

The Hawaiian representatives are planning to create a digital currency and blockchain working group. The think tank will establish a group consisting of both the public and private sector “to examine, educate, and promote best practices for enabling blockchain technology to benefit local industries, residents, and the State of Hawaii.” The legislators believe the group can best assess practices regarding blockchain technology.

‘Bitcoin has Broad Benefits for Hawaii’

Alongside building the Hawaiian “Blockchain Technology and Digital Currency Working Group, ” the politicians see potential with Bitcoin and tourism. The state’s tourism relationship with Asia shows that Bitcoin use in the region is growing.

“Digital currencies such as Bitcoin have broad benefits for Hawaii,” explains House Bill 1481.  “A large portion of Hawaii’s tourism market comes from Asia where the use of Bitcoin as a virtual currency is expanding. Hawaii has the unique opportunity to explore the use of blockchain technology to make it easier for visitors to consume local goods and services and to drive the tourism economy.”

State representatives believe digital currencies and blockchain can enhance cyber security, retail, transportation, supply chain management, and “emerging industries including marijuana.” Cryptocurrencies and blockchain frameworks are a “novel peer to peer networking and distributed data storage technology that shifts the primary locus of control from centralized services to individuals or key holders,” details the proposed bill.

Hawaii Joins the Many States Preparing Bitcoin and Blockchain Legislation With a Friendly Approach

Two other states have joined Hawaii by publicly revealing digital currency and blockchain legislation. North Dakota’s Senate has established Bill 2100 which aims to regulate Bitcoin. Moreover, Arizona’s House Bill 2417 wants to establish legal blockchain-based smart contracts in the court system. As for Hawaii’s digital currency and blockchain bill, it shows the representatives who drafted it are paying close attention to this technology.

The island state legislature appears to be taking a more friendly approach to Bitcoin in comparison with other U.S. states.

What do you think about Hawaii’s Bill concerning Bitcoin for tourism and the potential of blockchain technology? Let us know in the comments below.

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