New York lawmakers propose statewide cryptocurrency

Lawmakers in New York have proposed a statewide cryptocurrency and blockchain-based banking platform to encourage the recirculation of money in low-income communities.

The project – pitched as a “public Venmo” – was proposed by New York state assembly member Ron Kim, senator Julia Salazar, and Cornell law professor Robert Hockett.

Should the proposal be accepted, it would mark the USA’s first publicly-owned electronic banking platform alongside a digital currency that could be exchanged for various goods and services in the state.

The project aims to compensate residents for work that is either unpaid or underpaid. This could encompass babysitting children or caring for senior citizens.

Inclusive Value Ledger

The digital currency would run on top of the project’s “Inclusive Value Ledger” (IVL). The team has called for New York State to distribute $55 billion per year that is uncollected in individual tax credits through the “public Venmo”.

The IVL is an administered,…