According to the draft, a maximum of $ 3 million will be spread across 10 different experimental zones where cryptocurrencies like Ithacash are created. This should result in increased local business activity and allow rewards to be returned via cryptocurrency tokens.

Ithacash

The bill cites a similar concept used in the Netherlands, where data have shown clear benefits for citizens. This usage causes cryptocurrencies to be completely redrawn. The basic benefits of a paperless, secure currency are obvious, but using it as a vehicle for local economic growth is a new idea in the United States.

“… pilot programs to create incentives for consumers to buy locally; Up to ten pilot projects can be created in regions across the country that incorporate the principles of the single currency or local community dollars.“

The development of cryptocurrencies in New York

New York has always been at the forefront of cryptocurrency regulation since the adoption of BitLicense in 2014. The state counts some of the largest crypto industry companies among its taxpayers, including Gemini, Coinbase and Bitflyer.

A difficult task for many crypto companies is to connect institutional money traders with cryptocurrencies. Currently NASDAQ is experimenting with the exchange of cryptocurrencies and has expressly stated that they are ready to adopt cryptocurrencies themselves once comprehensive legislation is in place.

Local cryptocurrencies

Equally important, however, is adoption on an individual level. Ithacash aims to solve this problem while promoting local businesses. In addition, this type of social perception cooperation will help prevent cryptocurrencies from becoming associated with crime and money laundering.