Authors of New York’s P2P ‘Public Venmo’ Bill Hope for Greater Decentralization
By Helen Partz
New York lawmakers proposed a bill on a peer-to-peer (P2P) savings and payment platform called the “New York Inclusive Value Ledger.”
Introduced by New York State Assembly legislator Ron Kim and Senator Julia Salazar, the bill proposes to set up the “empire state inclusive value ledger establishment and administration act” that would create a system of wallets for payments by state entities and residents. According to public records, the bill was proposed in the State Assembly and the State Senate on Oct. 23, 2019, but New York State’s legislative session only reopened on Wednesday Jan. 8.
The system described in the bill is based on eponymous white paper written by Robert Hockett, a law professor at Cornell University. Published on Oct. 17, 2019, the white paper sets out the Inclusive Value Ledger (IVL) plan, which aims to bolster the mechanisms of the state’s monetization, production, saving and spending with the help of new digital technologies.
Photo courtesy of Kārlis Dambrāns.