Lawmaker Proposes Bill For State-Chartered Institution For Blockchain & Crypto Innovations

2020-1-18 01:45

An Oklahoma lawmaker has come forward with the proposition of creating a financial institution chartered by the state and that functions as a central crypto depository for government agencies in the state.

Senator Nathan Dahm wants to provide an infrastructure backed by the government, for cryptocurrencies and blockchain-related technology. As reported by LegiScan, the bill should be introduced on February 3, meaning now it’s only in development. This is what the bill notes:

“This new financial institution shall be fully supported by blockchain technology and innovations. The new financial institution shall have the highest level of expertise with customer identification, anti-money laundering and beneficial ownership components. “The new financial institution shall be designed to seamlessly integrate into existing banking and financial institution regulations that protect consumers while limiting regulations that restrict innovation and technological advances for new financial products, data transmissions and recordkeeping.”

It Will Take Time for the Depository to Be Created

Even if it passes, the bill proposed by Dahm won’t have a depository being created to soon, as it would have to bring together the Department of Commerce and Oklahoma’s State Banking Department to coordinate their efforts and to make plans so that the strategy developed for it respects the law and meets the state’s requirements. Having this in mind, a report regarding the initiative has been scheduled to be released on July 1st, next year.

The State to Welcome Businesses That Work with Crypto

The bill is seeking to make the state as more welcoming for retail and other business' to work with cryptocurrency and employ blockchain technologies, stating that:

“Oklahoma is committing to partner with innovative technology, help develop next generation financial products, and safely grow unique technical and financial sectors in this state.”

Senator Nathan Dham had filed a bill in February 2019, the bill will show when a digital token is a security. He also sponsored a piece of legislation that became a law in April 2019. This law establishes when a blockchain-secured contract or a record is in electronic form and should be an electronic record.

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