New York State lawmakers propose constructing localized digital cash, similar to cryptocurrency

New York City lawmakers are proposing a highly localized digital cash. The digital cash will run on a peer-to-peer payment platform called the "Inclusive Value Ledger." The digital cash proposal comes from New York State Assembly member Ron Kim, Senator Julia Salazar and Cornell University law professor Robert Hockett. Among them, Robert Hockett published a white paper in November 2019 detailing the digital cash proposal. The white paper mentions that this digital cash will realize peer-to-peer payment, and the goal is also to remove intermediaries. Although similar to cryptocurrencies, this is not a truly decentralized cryptocurrency.