A cryptocurrency for New York?

Ronald Tae Sok Kim (AKA Ron Kim) is an American politician from New York. The current representative of the 40th district in the New York State Assembly, the man recently proposed a bill to support local trade through cryptocurrencies.

The idea is to launch pilot projects (up to 10) to create local("community") currencies . These local currencies will encourage residents of certain neighborhoods to spend locally and thus support the economic ecosystem of their neighborhood.This bill , was originally designed in response to the disappearance of small shops in favor of large chains and the lack of citizen involvement at local level.

"For example, instead of going to the pharmacy of a chain of stores, where the money spent will then be redistributed outside the neighborhood, spending that local currency in a family pharmacy will redistribute that currency within the local economy. The owner of the local store will also be encouraged to reinject this community currency within the neighborhood. " Extract the draft law A11018

Of course, to motivate everyone , rewards of up to $ 300,000 would be provided for each neighborhood . It is also planned to allow volunteer groups and charities to allocate points and rewards for any civic behavior. ( "Participate in local community meetings, help seniors, supervise children, etc." )

It is explicitly stated in blockchain and cryptomonnaies in this bill . For example, the younger generation is not only familiar with the subject, but expects to see an increasing use of blockchain technology. It is also mentioned that the simplest way to implement these "community currencies" would be to use cryptocurrencies .

"Blockchain technology and cryptocurrencies allow us to implement this without problems, allowing consumers, citizens and traders to easily exchange dollars for community currencies. This community currency model provides deeper utility than that provided by standard cryptos-assets, and builds on this new trend in financial technology to achieve significant social impact over the long term. " Extract the draft law A11018

So ? Can cryptocurrencies save local businesses? And can local businesses save citizens themselves? We will follow the progress of this project with attention.