State-Backed Cryptocurrency Idea Requested to Investigate in New York

A New York legislator, who has previously submitted several different drafts related to Blockchain technology, has submitted a new draft asking for the idea to create a state-backed cryptocurrency.

The draft submitted on Feb. He demands the establishment of a team that will investigate the “effect of a government-created cryptocurrency in New York state. This, of course, directly concerns the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). If the draft is approved, the team will be exploring “the effects of such a cryptocurrency on monetary policy and financial stability… [and] how local, state and federal taxation will be affected.”

The draft was submitted by lawmaker Clyde Vanel. He presented four different drafts on cryptocurrencies and blockchain technology in November. One of these drafts proposed the use of Blockchain technology in state elections.

Public records indicate that the New York legislature is scheduled to discuss cryptocurrencies and the state’s BitLicense regulatory framework later this month.

David Carlucci and On February 23, senators like Jesse Hamilton spoke at a public meeting on “the logistics and organization of cryptocurrencies… the regulation of cryptocurrency within the state of New York, other states, and the federal level through BitLicense… and the current market where cryptocurrency resides and poses a problem for consumers.”

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