New York Legislator Proposes Plans to Pilot Local Cryptocurrencies

New York Legislator Cryptocurrency News

New York Assemblyman Ron Kim wants cryptocurrencies to help support the states’ local communities.

The proposed bill, A11018, if it passes the state legislature, would change the New York urban development corporation act and help it launch 10 pilot programs creating local community currencies, which could be either cryptocurrencies or another form of digital currency, according to publicly available documents. The hope is that these programs would encourage local spending, supporting their local ecosystem and encouraging growth.

The bill specifically mentioned using blockchain technology to implement “this seamlessly by allowing consumers, citizens, and business owners to trade in and out from dollars to [cryptocurrencies] instantaneously,” Adding that this would have a significant long-term social impact.

The proposal also notes that the creation of a local use case for cryptocurrencies can help fight what it called the “unduly negative perceptions” towards crypto and added that “more and more members of the younger generation are not only familiar with but expect widespread use of blockchain technology.”

The bill continues with:

“By giving new mission and purpose to this form of currency, we are empowering people to take ownership of local growth. By trading in their dollars for a local community currency, either in the form of a digital or cryptocurrency, people will keep their money in their neighborhoods, pay taxes, and also earn tangible rewards for positive civic action.”

In a later statement, Kim stated that he thought community currencies were the next step in fostering regional economic growth and local civic participation. The assemblyman also added that:

“Every local dollar spent in a mom and pop store stimulates local job growth.”

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