Bill
Bill > S1618
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 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 digital payment platform that uses blockchain technology, which is a secure and transparent way to record transactions. This platform is intended to help legal businesses in the state that struggle to access traditional banking services, often forcing them to rely heavily on cash. The goal is to create a safe and compliant system that allows these businesses to participate in online commerce by offering cashless transactions where the value of virtual currency is directly tied to United States dollars. Businesses will need state approval to use this platform, which will enable them to manage expenses, record all transactions on an unchangeable blockchain ledger, comply with regulations, be subject to state audits, and facilitate the payment of sales tax to local governments.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee (on 01/09/2024)
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/2024/S1618 |
| BillText | https://pub.njleg.gov/Bills/2026/S2000/1618_I1.HTM |
| BillText | https://pub.njleg.gov/Bills/2024/S2000/1618_I1.HTM |
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