logo

American lawmaker pushes for indigenous crypto for citizens

crypto regulation

Ron Kim, a member of the New York State Assembly under the Democrat and Working Families parties, has shown renowned support for crypto and been a voice for indigenous crypto for New Yorkers.

Kim, a member of the legislative arm of government for the last seven years, has pushed bills for the creation of local crypto alongside a decentralized standard for contact tracing. The lawmaker’s style of governance aligns with the crypto community. Reportedly, Kim is trying to decentralize power structures and create a technological pathway to achieve individual autonomy.

Kim describes it as citizens achieving self-sovereignty. Kim said that when that is achieved, growth would be limitless. To achieve it, Kim explains that there has to be a streamlined structure to pay public benefits alongside the COVID-19 palliative benefit.

Lawmaker speaks on proposed indigenous crypto bill

Kim says:

I tried a few years ago to talk about the concept of community currencies, which I thought was an introductory concept,” Kim said. “But I realized early on that if you talk about currency as an Asian man, or cryptocurrencies, people’s flags go up.

He said further that he diverted towards focusing on economic issues and personalizing these problems by talking about credit card debt, student debt, mortgages, to expose why our market economy is failing.

Kim’s previous proposal outside New York indigenous crypto

Apart from pushing for indigenous crypto for New Yorkers, the lawmaker has proposed for other blockchain-related technology adoption. Earlier in May, Kim proposed that a decentralized and privacy-preserving protocol for contact tracing be adopted.

This was to reduce reliance on tech firms like Google and Apple during a public health crisis. Also in June, the lawmaker alongside Sen. Julia Salazar and Cornell law professor Robert Hockett, proposed for a digital payment platform and cryptocurrency for the state.

In line with Kim’s proposal, Tenino, a town in Washington with barely 2,000 residents is considering issuing a local currency printed on thin sheets of wood, to bolster an economy wrecked by the COVID-19 pandemic.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

Related News

Hot Stories

Ethereum ICO whale address moves 145,000 ETH after 3 years of dormancy 
Polkadot price analysis: DOT resurges to $9.20, consolidation below $10 continues
Bitcoin, Ethereum, Quant, and EOS Daily Price Analyses – 14 August Roundup
Cardano price analysis: ADA sets up bullish move after rising above $0.55 barrier
Dogecoin price analysis: DOGE spikes 15 percent, further upside swiftly rejected

Follow Us

Industry News

BlueBenx halts withdrawals after $32 million hack
Vauld fights back after ED freezes its $46M assets
UnionBank launches in-app crypto exchange
Huobi`s crypto mogul seeks to sell his stake for $3B
Are gaming NFTs dead?