The House of Representatives in Rhode Island has received a bill that intends to reward property construction firms with virtual assets when they build environmentally-friendly homes. The reward reportedly specified to give Bitcoin to property construction companies for building structures with a reduced carbon footprint.
A member of the state’s House of Reps, Carlos Tobon, submitted the bill to the house as a new means of solving the real estate challenges in the territory. Reports say that the new bill has the potential to help reduce the greenhouse effect and associated climatic challenges related to high levels of carbon dioxide emissions.
Digital Assets’ Rewards for Reducing Carbon Dioxide Emissions
The bill, which intends to encourage the construction of more “Green houses,” intends to facilitate the multiplication of LEED-approved properties by rewarding constructors when they reduce their carbon dioxide emissions. Further reports say that the Act, which will compensate for reductions in utility costs, will withdraw assets from a reserve of $625 million contributed from different sources.
Donations from traditional financial institutions would reportedly pool the initial $500 million for the Bill’s implementation. Additionally, the state’s government would reportedly supply what’s left.
Not the First Time in the US
Meanwhile, digital assets have been utilized in housing developments in the country. One of such situations was in Austin City, TX, where new property owners could get loans in virtual assets.
The project tagged USDC Homes would give specific coins to intending property owners for financing their properties. The loan would permit intending property owners to make down payments in digital assets. The system then stakes the cryptos and reaps interest that the intending property owner could utilize in financing the loan.
Crypto Gaining Grounds in U.S Politics
Digital assets are reportedly gaining grounds in US politics. Owners of digital assets worth billions of US dollars are reportedly getting into politics, by sponsoring political campaigns of digital assets-supporting aspirants.
During the 2020 presidential election, Sam Bankman Fried was reportedly the second-biggest donor for the president’s election campaigns.
Apart from the financial contributions from firms dealing in virtual assets and crypto enthusiasts, some sitting political officials such as the Mayor of Miami, Francis Suarez, are making efforts to advance the utility of virtual assets by offering improved taxes and work conditions in the jurisdictions within their office.
Furthermore, there are now crypto supporters as part of the winners of primary election in the US in different states. Two of the latest politicians in that category are Tim Ryan and J.D. Vance, who won primary elections for the US Senate recently.
Vance has once claimed to own BTC worth $250,000. Tim Ryan, on the other hand, also keeps a reputation of a digital assets-supporting politician. However, Ryan reportedly approves of a more legislative means of advancing virtual assets in the country, highlighting the need for legislations that clear out nuances and simplify issues relating to digital assets’ regulations.
Reports say that virtual assets grew in popularity after BTC reached its most recent all-time high price of $69,000 last year. The price hike reportedly drew the interests of several corporate and individual investors in the nation.
However, after the price plunge of the digital coin, many erstwhile individual and corporate investors reportedly pulled out of the industry, until the economics improves.