Bill
Bill > S3321
summary
Introduced
11/14/2022
11/14/2022
In Committee
11/14/2022
11/14/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
This bill requires the Department of the Treasury 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 is to only have access to the payment platform with approval from the State. The payment platform is to 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 is to facilitate regulatory compliance, provide for audits by the State, and allow for payment of sales tax to local municipalities.
AI Summary
This bill requires the Department of the Treasury to review and approve a viable blockchain-based, digital payment platform to provide payment services to legal and licensed businesses in New Jersey 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 outlines the key features of the payment platform, including providing businesses with access to cashless transactions, securing revenue on a one-to-one basis of virtual currency to US dollars, managing and processing business expenditures, recording all transactions on an immutable blockchain ledger, facilitating regulatory compliance, providing for audits by the State, and allowing for payment of sales tax to local municipalities.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee (on 11/14/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/S3321 |
| BillText | https://pub.njleg.gov/Bills/2022/S3500/3321_I1.HTM |
| Bill | https://pub.njleg.gov/Bills/2022/S3500/3321_I1.PDF |
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