New York State Bill Proposes Ithacash (local cryptocurrency)
June 07 2018 - 12:55PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
June 07, 2018 -- ADVFN Crypto NewsWire -- New York has been at the
forefront of cryptocurrency adoption and regulation in the United
States since passing the BitLicense in 2014. The state is home to some
major companies related to the industry such as Gemini, Coinbase and Bitflyer.
Much of the concern for these types
of companies is assimilating establish institutional money dealers
with cryptocurrencies. Most notably NASDAQ is experimenting with
cryptocurrency exchanges and has been explicit on their willingness to
adopt cryptocurrencies when legislation is in
place.
However, it is just as important
for adoption to take place at the individual level. A
new bill proposed on the New
York State level looks to work on this issue as well as promoting
local businesses at the same time. Further, on the level of social
perception, this type of collaboration will help cryptocurrencies
shed their association with crime and money laundering.
“Unduly negative perceptions
towards cryptocurrency and other alternate or digital forms of
currency. More and more members of the younger generation are not
only familiar with but expect widespread use of blockchain
technology, a more secure form of information transfer.”
Ithacash
The bill establishes a maximum of
$3 million dollars to be spread across 10 experimental zones, where
cryptocurrencies would be created to spur the local economy and
give back rewards via the tokens:
“...pilot programs to incentivize
consumers to buy locally; up to ten pilot projects may be created
in regions across the state that incorporate the principles of
community currency or local community dollars.”
The bill cites a similar concept being used in the Netherlands
where data has shown clear civic benefits. This use brings an
entirely new perception to cryptocurrencies. Obviously the base
benefits of paperless, secure currency is at work, but to be use as
a vehicle for local economic growth is a novel idea in the United
States.
By: BGN Editorial Staff
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