Rhode Island Lawmakers Hope to Boost State Economy With Blockchain-Friendly Legislation
A newly introduced blockchain bill aims to provide a "welcoming" environment for fintech companies in a bid to stimulate growth and jobs.
The bill proposes to recognize cryptocurrency as property for purposes of taxation.
If passed the bill would amend tax laws to recognize digital currencies as a form of property.
Under the act, the state would implement a new filing system to "use blockchain technology as the the technological framework for the system," by the end of 2021.
The window of opportunity for investors to cash out to fiat is expected to be between three and six months.
The bill was introduced to bring blockchain tech on par with traditional contracts and recordkeeping.