Syscoin to Lead Hawaii Digital Currency Foundation
While most of the team were in New York at Consensus 2017, Jag Sidhu (our Core developer) was in Hawaii meeting with Democratic Senator Chris Lee. Hawaii has a large tourism market of blockchain technology enthusiasts using Bitcoin and other forms of cryptocurrency. It would be of great benefit to the entire cryptocurrency industry if Hawaii was receptive to adoption of the technology to give payment options for consumers looking to spend while visiting the state.
We were pleased with the fact that Senator Chris Lee was already part of a bill for blockchain technology adoption in the state of Hawaii. He was instrumental in formulating Bill 1481.
The meeting went very well as it was unanimously decided to create a foundation for digital currency movement with special interest in Tourism to help educate and iteratively deliver a solution to merchants and consumers of Hawaii to use digital currency within all established businesses that are interested in the benefits that cryptocurrency provides. As co-founders of this foundation, Blockchain Foundry Inc. will help guide the movement by drafting an education plan as well as provide guidance on the initiative of digital currency adoption within the state.
Coinbase had recently pulled out of Hawaii due to strict regulatory policies.
Blockchain Foundry will also help with the initiative to get money transmitting businesses involved in the cryptocurrency industry back into Hawaii by helping to create a tenable policy that will incentivize businesses like Coinbase to operate in Hawaii. We will also provide the opportunity for these businesses to benefit from the use of Blockchain Foundry products such as Syscoin as it provides benefits that Bitcoin does not have including decentralized blockchain-based services such as a marketplace and identity system, and more responsive block times and transaction confirmations. Blockchain Foundry is targeting a first draft of an education plan during Q3 2017, and will work toward rolling it out to the public in late 2017 or early 2018. We will regularly attend hearings in senate and advise committee members who are interested in the adoption of cryptocurrency within the state and act as the knowledge experts to help bridge the gap between the business requirements and implications and technological benefits of using cryptocurrency to increase spending amongst tourists.
Senator Chris Lee was gracious in offering to provide Blockchain Foundry with relevant resources to help aide in crafting these plans. We thank Senator Chris Lee for the opportunity and are looking forward on working with him and others in the senate to put forth a plan into action early next year.
Read more about it here.
