State of Illinois sets off to regulate Blockchain Industry.

House Resolution 120, which was approved with 98 votes, requests the government to create an inter-governmental Blockchain task force to provide a more efficient and regulatory-friendly ecosystem for Blockchain development firms, research organizations and businesses.

The bill entitled “Blockchain Task Force” read:

“Creates the Illinois Legislative Blockchain and Distributed Ledger Task Force to study how and if the State of Illinois, county governments, and municipal governments can benefit from a transition to a Blockchain-based system for recordkeeping and service delivery.”

Federal Government Involvement

As the US government takes an interest in the Blockchain sector and companies continue to develop Blockchain-based applications, the industry will likely experience explosive growth in terms of commercial implementation and roll out.

The bill also requires the Illinois Blockchain task force to present a report on the Blockchain and distributed ledger industries by January of 2018, to the General Assembly. Findings and recommendations will be made to the General Assembly and based on that report. The US federal government will likely decide whether to regulate the Blockchain sector further or leave it to grow at an exponential rate and allow Blockchain businesses to innovate the technology further.

Source : Cointelegraph Pictures: Google