Cryptocurrency has been receiving warm welcome and reception from different parts of the world with some of them even considering adopting it as legal tender. This attests to the fact that crypto, in general, is in a stronger place than when it started. And now lawmakers in Hawaii are putting in efforts to make the state a more crypto-friendly place. There are a number of bill proposals under contemplation at the moment which if passed would open more doors for cryptocurrency further bolstering its growth and progress. The main figures behind the crypto-related legislation are Sen. Bennette Misalucha, Sen. Glenn Wakai, and Rep. Patrick Pihana Branco. If their efforts come to fruition it will be a milestone move for Hawaii.
The What and Why
The growing popularity of cryptocurrency despite some major roadblocks is a fact even those opposing crypto cannot deny. The adoption of crypto by some leading organisations and people of importance has to some extent added to the increased number of investments in crypto as it does away with the volatility concerns and uncertainty at least for a brief period till the next blow. And now, Hawaii is on the road to becoming more cryptocurrency-friendly. The four bills crafted by the lawmakers will be of immense help in creating a favorable environment for crypto. In the words of Sen. Wakai,
“I think it’s time to get Hawaii on the map for cryptocurrency exchanges and become a place for the industry to grow locally and thrive.”
2022 has seen a number of states in the United States introducing bills related to cryptocurrency as it is becoming a major concern affecting rules and regulations. And Hawaii has a reputation for being the least preferred place for crypto transactions. The conditions are so unfavorable that several exchanges like Coinbase and Robinhood chose not to go ahead with business in the state. Perhaps the bills might bring a change to this aspect. In simple words, the primary aim of the bills is to create a regulatory task force and to allow state agencies to accept virtual currency for payment. These are only a few of the reforms included in the bills. It is expected that these reforms will help to repair the tarnished reputation Hawaii has in association with crypto transactions. The lawmakers are rather optimistic about the bills and expect that if regulated in the right way, Hawaii has the potential to become a leading name in crypto transactions.