Oklahoma senator Nathan Dahm wrote a new bill for his state which looks to build a state-backed innovative financial institution around blockchain technology, establishing a new classification of institutions.
Dated Jan. 15, 2020, the bill noted that the state-chartered financial institution will be “the central depository for virtual currency used by governmental agencies in this state.”
Detailing the bill
Adding further details, the text explained the movement essentially will prevent regulatory stifling, allowing innovation to grow, while also protecting citizens.
The document noted:
“The purpose of this new state-chartered financial institution shall be to provide valuable financial and technical services to blockchain and virtual currency innovators and developers.”
The bill looks to assign Oklahoma an active role in innovation. “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,” the bill reads.
According to the details provided, the bill will be introduced on Feb. 3, 2020 and come into play on Nov. 1, 2020.
Cointelegraph reached out to Senator Dahm for comment but received no response as of press time. This article will be updated accordingly upon receipt of a response.