State of New York to Look Into a State-Backed Digital Asset

New York legislation has put in a submission for a bill. The bill will be to assign a team to study the infrastructure and logisitics of making their own state-backed cryptocurrency. Clyde Vanel, a NY assemblyman was the person that proposed this. The bill was submitted and filed on February 2nd and would ask the government to study a state-backed digital asset. The cryptocurrency would effect the state’s economy and policies in place. This bill, if passed, would raise questions with constitutional law. The Constituion does not allow a state from making their own form of tender to use for payment. If the bill is passed, the research team would have a year to report details on their studies. Vanel has tried this before with the legislature. Last year he wanted studies to be done on whether blockchain technology would impact local elections. This is probably the first state that is looking to have its own cryptocurrency, but there have been other states that would like to normalize the use of cryptocurrencies. A bill in Arizona was submitted that proposes Arizona residents to make tax payments using digital assets. Upon receipt of the digital assets, the government will then convert the payment into USD. The AZ bill will be scheduled for a hearing on February 5th.

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