The Center Square reports.Â
Blockchain is a type of database for storing digital information such as cryptocurrency transactions. With his HB482, Rep. Mark Wright, R-Covington, hopes to attract and encourage the development of companies that use the technology, which may be more in demand as cryptocurrency continues to gain popularity.
The idea of the sandbox is to encourage development of companies in new sectors for which specific regulations donât apply. The companies are lightly regulated at first, giving lawmakers time to create additional regulations, or not, as necessary.
Under Wrightâs proposal, companies would apply to the Louisiana Office of Financial Institutions for the two-year program to test their business model.