Oklahoma’s Senator works on Blockchain-Based Banks

By Shikha Last updated Jan 30, 2020

Overview-

Senator Nathan Dahm working on introducing blockchain-based banking and financial institutions.
The bill mainly focuses on innovation in banking institutions using blockchain technology that would help in developing next-generation financial products.
The bill will be introduced on February 3, 2020, and will be effective from November 1st, 2020.

Nathan Dahm, the senator of the Oklahoma State drafted and is working on a new bill to make the banking institution of the state more innovative and technologically ahead by introducing blockchain technology.

The bill has been dated January 15th, 2020 and the document adds, “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.”

According to Dahm, the main purpose of the bill is to prevent all the regulatory ambiguity and allow the financial institutions to flourish with the technological innovations and also keep the citizens from harm’s way that may occur. The bill says, “ 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 will be introduced on February 3, 2020, however, the bill will be effective from November 1st, 2020.

There has been a growth in the blockchain technology and cryptocurrencies in the past year globally and the year 2020 will be great too. Just yesterday the US Congress reintroduced the bill that exempts tax on small cryptocurrency transactions. India is carrying out hearing on the ban of cryptocurrencies and Switzerland has made its first trade of real estate on the blockchain. There have been many conferences will be happening this year that will help in creating an awareness of the importance of blockchain technology which will help in the creation of many alliances.