New York wants to pass a new bill that would create a pilot program for enabling communities to create their own cryptocurrencies in order to keep the money in the local economies and prevent them from pouring out.
Despite the fact that cryptocurrency is often seen as an international tool, this New York bill will propose a different way that this assets and this technology can be used. Local cryptocurrencies will help establish a currency that is pretty much geographically restricted. If this bill passes, 10 municipalities will have the opportunity to create their own cryptocurrency. However, all of these currencies will need to be further approved by the Department of Financial Services. The goal is to issue local cryptocurrencies that will be used at local businesses and for purchasing local goods and services.
This is an attempt to keep money from leaving the local communities and prevent the draining of revenue from small businesses that are a key element for the global economy. Also, another very important goal is to support local businesses, so instead of going to a large chain store let’s say pharmacy, and you will buy something that will bring the money to a totally different place outside the neighborhood, you will go to a local one and reinvest in the local economy.
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This is the global trend currently and many other countries are introducing local currencies whether they are crypto or not. The good thing is that these currencies are getting wide support and also adoption. Keep in mind that these currencies have no intention of replacing the national one but simply strengthen the economy.
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