Lawmaker proposes a central depository for digital currencies used by the government.

An Oklahoma lawmaker has proposed creating a financial institution chartered by the state that would function as a central depository for government agencies in the state.

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Oklahoma Senator Nathan Dahm will introduce a bill next month that aims to provide an infrastructure backed by the government for cryptocurrencies and blockchain-related technology. Senator seeks to provide a level of state-backed infrastructure for work done related to digital currencies and blockchain.

 

The bill will be introduced on 3rd February.

According to the report published by LegiScan, the proposed bill will be introduced on 3rd February 2020. The bill notes that the new financial institution shall be fully supported by blockchain technology and innovations. It adds that the new financial institutions shall have the highest level of expertise with customer identification, anti-money laundering, and beneficial ownership components.

 

Oklahoma is looking to develop next-generation financial products.

The bill states that Oklahoma is committing to partner with innovative technology to help develop next-generation financial products, and safely grow unique technical and financial sectors in the state. Nathan Dahm also sponsored legislation that was approved and passed into law in 2019. The law establishes that a record or a contract that is secured through blockchain technology is considered in an electronic form and to be an electronic record.

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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