Hawaii digital currency pilot program has been launched and digital currency issuers can now submit their applications. The pilot project is a partnership between different government entities namely Hawaii Technology Development Corporation, Department of Commerce and Consumer Affairs, and Division of Financial Institutions (DFI).
Central bank cryptocurrencies are now explored vigorously by many authorities across the globe. In a bid to tap into the growing of the virtual currencies, Hawaii has launched the ‘Digital Currency Innovation Lab.’ The trial run will have a two-year duration during which authorities will explore the real-world implications of cryptocurrencies. Virtual currency issuers will be permitted to undertake economic activities without any need to secure a Hawaiian license.
Hawaii digital currency project a milestone in the U.S. crypto journey
The project’s data will undergo an in-depth analysis. It will lay the groundwork for implementing digital currencies framework in the island state. Also, it will shed light on the practical use cases for cryptocurrencies in Hawaii. Authorities hope that the findings can help develop a full-fledged Hawaii digital currency. Hawaii’s digital currency sandbox was also introduced recently.
Numerous prominent firms will be roped in to participate in the state’s project. Commissioner of Financial Institutions, Iris Ikeda, adds that DFI is promoting virtual currencies by inviting various big crypto players. We want to encourage virtual currencies and, at the same time, safeguard our state’s consumers. Hawaii acknowledges the importance of cryptocurrencies in today’s financial paradigm. This research phase can one day lead towards a Hawaii digital currency legislative instrument.
Len Higashi of HTDC said that the state wants to be leading the adoption of various virtual economy technologies. Digital Currency Innovation Lab shows how Hawaii can implement such technologies in daily life. The island state will implement innovative financial technologies and take advantage of the economic benefits of digital currencies. Applications can be submitted from 17th March 2020.