In the field of cryptocurrencies, things are moving in the state of Hawaii. Two Legislative Committees – Commerce and Consumer Protection (CPN) and Ways and Means (WAM) – have unanimously approved the launch of a task force to study the use and regulation of the cryptocurrency ecosystem.
A working group on blockchain and cryptocurrencies with multiple missions
In a letter to Hawaii State Senate President Ron Kouchi, Legislative Members Donovan Dela Cruz and Roz Baker spoke out in favor of creation of one “Blockchain and Cryptocurrency Working Group”, originally proposed in Bill SB2695. This bill, whose title is A BILL FOR AN ACT RELATING TO CRYPTOCURRENCY aims to design a group of work in the Ministry of Budget and Finance.
The task of the group will be to review and compile national data on cryptocurrencies and blockchain. He will submit his findings to the authorities and participate in the implementation of potential legislation at the State Capitol. For this, he will have to look into establishing a plan to expand the adoption of blockchain in the private and public sectors.
Details of the working group
Referring to the vast potential of cryptocurrencies and blockchain, the letter to the President of the Senate provides details on the task force. For example, we read the following: “This measure establishes a task force to create a blueprint to explore the use and regulation of blockchain and cryptocurrencies.”
The collective will be made up of 11 members among which there will be representatives of a blockchain payment solutions company, a cryptocurrency exchange and a cryptocurrency association, who will be appointed by the governor.
Before the bill comes into force, it must be approved by the Chamber of Deputies, which should be the case by the end of 2022.
The State of Hawaii is ready to implement new methods in an effort to regulate the cryptocurrency market. One of these methods consists in the creation of a working group whose missions will be numerous. For example, the group, which will be made up of 11 members, will have to develop plans to contribute to the development of regulatory strategies.
Source : Cointelegraph
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State of Hawaii to create cryptocurrency task force
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