New York State Legislature Considering a Bill to Establish Digital Currency Taskforce

Bill AO8783, the task force members will be comprised of members appointed by the Senate president, the Governor, the assembly speaker, and other government agencies from New York. The bill explains the proposed legislation’s goals in the summary which states:

“The task force shall examine and evaluate digital currencies within the state — identify the potential effects of the widespread implementation of digital currencies on financial markets — review the impact of the department’s Bitlicense program on the use of digital currencies, and make recommendations to further utilize digital  currencies  within the state.”

If passed, the bill would create a nine-member group that would be required to submit a report to the governor and both houses of the legislature by December of 2019. Specifically, the task force would study the effect of cryptocurrency on the state‘s tax revenue, the transparency and possible illegal activities of currency marketplaces, and the energy consumption of cryptocurrency mining operations.

Additionally, the task force would be required to provide the number of digital currencies and exchanges operating in New York state, information about large investors in the field, and the energy consumption necessary for coin mining operations.

Furthermore Vanel proposed two more bills that are focused on blockchain innovation and smart contracts. New York Assembly bill 8780 seeks to provide legal definitions for both of these emerging technologies. Lastly, Assembly bill 8792 discusses blockchain technology and utilizing tokens and smart contracts for voting records.

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