Two Hawaiian politicians have submitted a bill that proposes setting up of a working group dedicated to digital currency and blockchain technology.

According to CoinDesk, Democratic Reps Chris Lee and Mark Nakashima have submitted House Bill 1481 which says that the working group would study the uses of blockchain technology; develop methods of providing education on blockchain technology; and determine and promote best practices for enabling blockchain technology to benefit of the State of Hawaii, local businesses, and residents.

“The legislature finds that highly innovative technologies such as blockchain require an educated and measured approach so that regulations do not stymie innovation and growth in this State”, it read. “Therefore, the purpose of this Act is to establish a working group consisting of representation from the public and private sectors to examine, educate, and promote best practices for enabling blockchain technology to benefit local industries, residents, and the State of Hawaii.”

The authors note the potential of the technology to be applied to a number of industries and as such, recommend the appointment of the members with experience in industries including cyber security, tourism, real estate, retail, healthcare, logistics, financial services and many more.

“The working group shall report its findings and recommendations to the legislature, including any proposed legislation, not later than twenty days prior to the convening of each regular session”, it added.

In addition to blockchain, the authors also see huge potential in digital currencies, particularly in the tourism industry. The bill states:

"Digital currencies such as bitcoin have broad benefits for Hawaii.  A large portion of Hawaii's tourism market comes from Asia where the use of bitcoin as a virtual currency is expanding.  Hawaii has the unique opportunity to explore the use of blockchain technology to make it easier for visitors to consume local goods and services and to drive the tourism economy.”