Bill > A5240

Introduced Session

This bill requires the State of New Jersey to review and approve a viable blockchain-based, digital payment platform to provide payment services to legal and licensed businesses in this State that do not have access to traditional financial services and are forced to operate in cash-only or cash-heavy environments. The purpose of the payment platform is to provide a safe, secure, and compliant system that does not exclude these businesses from participating in digital commerce. The bill requires the payment platform to provide businesses with access to cashless transactions and to secure revenue on a one-to-one basis of virtual currency to United States dollars. A business shall only have access to the payment platform with approval from the State. The payment platform shall provide the ability to manage and process all business expenditures and allow all transactions to be recorded on an immutable blockchain ledger. The payment platform shall facilitate regulatory compliance, provide for audits by the State, and allow for payment of sales tax to local municipalities.

AI Summary

Committee Categories

Joe Danielsen (D)*,  BettyLou DeCroce (R)*,  John McKeon (D)*, 

Introduced, Referred to Assembly Science, Innovation and Technology Committee (on 05/13/2019)