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Rhode Island plans to give crypto rewards to house builders to reduce carbon impact

The Rhode State government hopes to solve the housing shortage problem by rewarding house builders with crypto to guarantee that future constructions are environmentally friendly.

Rhode Island’s House of Representatives introduced a Green Housing Public-Private Partnership Act that would reward a house builder with a “green coin” cryptocurrency for lowering the project’s carbon impact. The Green Housing Public-Private Partnership Act would require a housing project’s utility costs and carbon emissions to be reported annually to the state’s public utility commission. If the project is able to lower its utility expenses, the state will reward the house builder with a bitcoin credit. The act would be funded by private bank donations totaling $500 million and $125 million from the state, which will be referred to as the “Green Housing Fund.”

The act states:

“Any reduction 24 amount of utility costs attributable to any housing construction project pursuant to this chapter shall 25 be assigned a credit amount which credit shall be eligible for redemption in a byway of cryptocurrency in the form of a green coin.”

According to a report from local news outlet The Providence Journal, with the newly introduced act the Rhode Island government is intended to boost new housing developments in the state, which is experiencing a housing shortage aggravated by rising costs year over year.

The law is intended to address both the unexpected increase in housing demand in Rhode Island and to reward house builders who adhere to environmental regulations. The suggestion reads as follows:

“Immediate action to develop housing using green site standards is imperative to ensure 3 compliance with the goals established by the Act on Climate.”

However, it is still not reported which blockchain network the “green coin” would utilise. It’s likely to be a proof-of-stake (PoS) network, which is becoming popular with mainstream environmentalists.

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Vaishali Goel
Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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