“We want local cryptocurrency’s in New York” – Rom Kim

Rom Kim, a New York state legislator, recently proposed the A11018 project, which, if approved, will modify the law on the development of urban corporations of New York, and will launch 10 pilot programs to create local community currencies, which could be cryptocurrencies or other alternative digital forms of money. This is according to public

They will encourage residents of the communities to spend locally, thus supporting the ecosystems of their neighborhoods. This law specifically mentions the use of blockchain for,

“Allowing this to be implemented perfectly by allowing consumers, citizens and
business owners to exchange dollars and cryptocurrencies instantly,” says the
legislator, who also added that it would have a “significant long-term social impact”.

This project, points out the creation of a local use case for cryptocurrencies, in which it
can combat “unduly negative perceptions” towards this space, and adds that “more and
more members of the younger generation are not only familiar but they expect a
widespread use of blockchain technology.”
Kim, also added that,

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

Through a statement, Kim established that,

“The community currencies are the next step to promote regional economic growth and local civic participation” and adds that “every local dollar spent in a store inevitably stimulates the growth of local employment”


by Samuel Paz


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