Authors of New York’s P2P ‘Public Venmo’ Bill Hope for Greater Decentralization
Helen Partz's original article for cointelegraph.com reduced by 80%
New York lawmakers proposed a bill on a peer-to-peer savings and payment platform called the "New York Inclusive Value Ledger." Introduced by New York State Assembly legislator Ron Kim and Senator Julia Salazar, the bill proposes to set up the "Empire state inclusive value ledger establishment and administration act" that would create a system of wallets for payments by state entities and residents. According to public records, the bill was proposed in the State Assembly and the State Senate on Oct. 23, 2019, but New York State's legislative session only reopened on Wednesday Jan.
8.Kim says that implementing blockchain technology would be "Very difficult"The system described in the bill is based on eponymous white paper written by Robert Hockett, a law professor at Cornell University. Why does New York need the Inclusive Value Ledger aka "Public Venmo?"Also referred to as "Public Venmo," the project has ambitious goals as it intends to address a number of interconnected challenges in the New York state economy: financial inclusion, keeping money in local commerce, payment speed, monetization or incentivization, as well as financial privacy. If passed, the IVL bill would impact as many as one third of homes in New York City.
While Yang's UBI proposal suggests granting every American $1,000 a month in cash, the New York Assembly member believes the IVL system is better than just cash. The "Democratic Digital Dollar" vs. LibraWhile the IVL white paper is a P2P payment platform that represents New York's version of the plan, another IVL-associated white paper called the "Democratic Digital Dollar" refers to the initiative in a more general sense, Hockett explained to Cointelegraph.
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