Rhode Island is Looking to Incentivise Home Builders in Crypto If They Reduce Their Carbon Footprint

Funds for this initiative will come from a pool of donated funds, amounting to a total of $625 million (roughly Rs. 4,789 crore).

By Radhika Parashar | Updated: 3 May 2022 16:54 IST

Rhode Island is Looking to Incentivise Home Builders in Crypto If They Reduce Their Carbon Footprint

Photo Credit: Unsplash/ Fer Troulik

The bill comes at a time when the housing demand in Rhode Island has spiked

Highlights

Rhode Island is trying to meet its climate goals
Rhode Island is located in the New England state of the US
House builders that go green with projects may get crypto rewards

Authorities of the Rhode Island are discussing if they should provide crypto incentives to those real estate projects, that take efforts to reduce their contribution to the carbon emissions. Green developers could get rewarded in a special “Green Coin” cryptocurrency in the island located in US' New England state. A bill seeking this development has been proposed in Rhode Island's House of Representatives. If passed, the rule will be called the ‘Green Housing Public-Private Partnership Act'.

Any housing construction project that proves its carbon efficiency shall be assigned a particular amount of the Green Coin token. For now, it remains unclear which energy-efficient blockchain network will be selected to support this Green Coin.

“This act would create the green housing public-private partnership act to incentivise the construction of properties with climate emissions reduction goals,” reads the bill, that was proposed on April 14, and details of which have begun to emerge on public domain now.

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As per a report by CoinTelegraph, funds for this initiative will come from a pool of donated funds, amounting to a total of $625 million (roughly Rs. 4,789 crore).

While $500 million (roughly Rs. 3,832 crore) are being expected to be raised from bank donations, the remaining $125 million (roughly Rs. 958 crore) are supposed to be poured in by the state.

This fund pool will be called “Green Housing Fund”, if established.

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The bill comes at a time when the housing demand in Rhode Island has spiked in recent months. The government is looking to keep builders compliant with the region's environment-friendly goals.

This is not the first time however, that cryptocurrencies are being stitched into real estate projects.

Under a programme called the USDC.homes going on in US' Austin city, new homeowners are issued loans in USDC and MATIC altcoins.

This gives new homeowners an option to make the down payment in crypto, which is staked to earn the borrower an interest amount which can be used to help pay down the principal.

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Further reading: Cryptocurrency, Rhode Island, Green Coin, Carbon

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More