Hawaii approves task force for Web3 technology

The Hawaii State Senate has approved a bill which aims to establish a plan for the use of blockchain technology in the state and a blockchain and cryptocurrency task force.

The crypto bill was co-signed by Rosalyn “Roz” Baker and Donovan Dela Cruz and approved by the Senate yesterday.

Governments across the globe are looking for ways to take advantage of advancing technologies, digital assets and cryptocurrencies, as crypto grows in popularity, especially since the arrival of the NFT boom.

An executive order, Ensuring Responsible Development of Digital Assets, was signed by President Joe Biden in March.

The order was designed to protect Americans from hackers and scams while engaging with the evolution and growth of technology. State governments are taking heed of the new order and actioning regulations and laws where necessary.

Hawaii’s new bill is a means to understand how the state can work around the use of blockchain technology in terms of regulations and cryptocurrency involvement.

Alongside reviewing data from other states, the blockchain task force aims to develop a “plan to expand blockchain adoption in both the private and public sectors”.

The task force comprises a mixture of members from both the official government body as well as individuals in the Web3 space. Specialist University professors in Hawaii teaching on digital currency will also be asked by the Senate governor to join the task force.

Findings made by the task force will be announced and presented before the 2024 legislation begins.

Research has shown that 37 states have come to consider cryptocurrencies and see crypto-related bills as an option, according to the National Conference of State Legislatures. Washington, DC and Puerto Rico have already adopted such bills.

There are already some excellent choices of casinos that operate on the blockchain, such as CasinoFair, Bitcasino, and FortuneJack to name just a few.

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Updated: 05/05/2022 — 09:00