New York lawmakers say payments should be a public infrastructure, and blockchain could lay the foundation

Quick Take

  • New York lawmakers are introducing a proposal for an Integrated Value Ledger (IVL), which would use blockchain for a public payment system
  • They say this would generate more wealth in local communities by eliminating extractive middle-men, like check cashing services
  • It also opens the door to thinking about compensation for the care economy
Governments provide public infrastructure: roads, water, sanitation services, public transportation, things that keep a community moving. A proposal in the New York State Senate and Assembly asserts that a payment system should also fall under public infrastructure, with a plan for a blockchain-based digital payments platform that can provide liquidity for tax credits, cut out […]

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