The New York bill calls for studying the cryptocurrency endorsed by state governments

nCritics of Runaway: Legislators from the United States in New York submitted a motion proposing to set up a working group to study the logic followed by the state government’s endorsement of cryptocurrency and its implications, including monetary policy and financial stability both inside and outside of New York State, including the economy Activities of the judiciary. With the proliferation of cryptocurrencies, many states in the United States have put forward relevant motions to answer the technical and application potential from a legal perspective. At the same time, the problem of normalizing the use of cryptocurrencies has also been highlighted in the motion. It is only under the constitutional law that states have no right to issue and use other currencies, so the legislative direction in each state can not be predicted at any time.n
nTranslation: Annie_Xun
A New York lawmaker submitted a motion calling on the state to set up a task force to study the logic behind the creation and issuance of cryptocurrency endorsed by state governments and the implications.n
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The New York bill calls for studying the cryptocurrency endorsed by state governmentsn
The bill was handed down by Parliamentarian Clyde Vanel on February 2 to ask the government to study how cryptocurrency endorsed by state governments can affect monetary policy and financial stability in New York and beyond as well:n
“What steps New York should take to create and distribute state-backed cryptocurrencies will affect how the New York State Commission and the Commodity Futures Trading Commission exercise jurisdiction over economic transactions.”n
The motion calls for exploring the possible constitutional and logical problems posed by the government’s step-by-step process of issuing cryptocurrencies, which prohibit states from printing money or “using currencies other than gold and silver coins as legitimate methods of debt repayment.”n
If the measures come into force, the task force has only one year to prepare a detailed study of the need to submit.n
This is not the first time MP Vanel has submitted a blockchain-related motion to the legislature. Last year, he suggested taking measures to ask the election office to study whether the technology could improve the authenticity of state and local elections. In addition, there is a motion asking the state to draft a legal interpretation of the blockchain digital signatures.n
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Arizona allows income tax to be paid in bitcoinn
This may be the first U.S. state to explore issuing cryptocurrencies, but other states are also debating the normalization of Bitcoin and other decentralized cryptocurrencies.n
For example, a recent group of Arizona lawmakers proposed a bill that would allow citizens to pay income tax in cryptocurrencies, which they would then convert from government to law.n
In response to the motion last month, the two parties in the state Senate Finance Committee voted unanimously in accordance with their respective party policies. Four Republicans voted in favor and the three Democrats voted against it, allowing the bill to pass.n
The bill also needs to be voted on by the Senate Rules Committee’s hearing.n

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