New York Bill Calls For Study Of State-Backed Cryptocurrency

US Congressman from New York State has submitted a bill urging the state to provide a task force to make research on the logistics and impacts of creating and issuing a state-backed cryptocurrency.

Submitted and filed on February 2nd by congressman Clyde Vanel, the bill, would require the government to research how a state-backed cryptocurrency would impact monetary policy and financial stability both in and out of New York.

“the necessary steps the state of New York must take to produce and release a state-issued cryptocurrency and how such will affect the United States Securities and Exchange Commission’s and the Commodities Futures Trading Commission’s jurisdiction over economic transactions…”

“That the bill would require the government to explore the steps necessary to issue its own cryptocurrency would likely raise the constitutional restricts states from coining money or making ‘anything but gold and silver Coin a Tender in Payment of Debts’.” Noted CCN news.

The task force would have one year to submit a report detailing its findings if the steps taken have clearly been executed.

According to CCN, this is not the first time that Assemblyman Vanel has introduced blockchain-related bills to the legislature.

“Last year, he proposed measures which would have mandated that elections officials study whether the technology would improve the integrity of state and local elections, as well as a bill that would have required the state to draft a legal understanding of digital signatures stored on a blockchain.”

This movement would be the first time that the United States is looking to have its own cryptocurrency ever since its outburst while other states have look for other solutions in normalizing the usage of Bitcoin and other available cryptocurrencies.



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