A legislative bill has been filed in the state of New York proposing a dollar-based digital currency for its residents. The ‘Inclusive Value Ledger’ initiative is spearheaded by a pair of lawmakers and a Cornell professor. The goal is to develop a peer-to-peer savings and payments platform.
In October 2019, New York State Assemblyman Ron Kim, Senator Julia Salazar and Professor Robert Hockett unveiled the bill known as the Empire State Inclusive Value Ledger (IVL) Establishment and Administration Act.
Hockett is a Cornell law professor who also consults for the International Monetary Fund (IMF) and the Federal Reserve Bank of New York. He drafted the bill and accompanying
whitepaper.
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