New Jersey A 449: Requires Department of Treasury to review and approve digital payment platform.

Bill Text

ASSEMBLY, No. 449

STATE OF NEW JERSEY
221st LEGISLATURE

PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION

Sponsored by:
Assemblyman JOE DANIELSEN
District 17 (Middlesex and Somerset)

Co-Sponsored by:
Assemblywoman Carter

SYNOPSIS
Requires Department of Treasury to review and approve digital payment
platform.

CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel.

A449 DANIELSEN
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AN ACT concerning certain digital payment platforms and 1
supplementing Title 17 of the Revised Statutes. 2
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BE IT ENACTED by the Senate and General Assembly of the State 4
of New Jersey: 5
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1. The Department of the Treasury shall review and approve a 7
viable blockchain-based, digital payment platform to provide payment 8
services to legal and licensed businesses in this State that do not have 9
access to traditional financial services and are forced to operate in 10
cash-only or cash-heavy environments. The purpose of the payment 11
platform shall be to provide a safe, secure, and compliant system that 12
does not exclude these businesses from participating in digital 13
commerce. 14
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2. The payment platform shall provide businesses with access 16
to cashless transactions and to secure revenue on a one-to-one basis 17
of virtual currency to United States dollars. A business shall only 18
have access to the payment platform with approval from the State. 19
The payment platform shall provide the ability to manage and 20
process all business expenditures and allow all transactions to be 21
recorded on an immutable blockchain ledger. The payment 22
platform shall facilitate regulatory compliance, provide for audits 23
by the State, and allow for payment of sales tax to local 24
municipalities. 25
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3. This act shall take effect on the first day of the sixth month 27
next following enactment. 28
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STATEMENT 31
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This bill requires the Department of the Treasury to review and 33
approve a viable blockchain-based, digital payment platform to 34
provide payment services to legal and licensed businesses in this 35
State that do not have access to traditional financial services and are 36
forced to operate in cash-only or cash-heavy environments. The 37
purpose of the payment platform is to provide a safe, secure, and 38
compliant system that does not exclude these businesses from 39
participating in digital commerce. 40
The bill requires the payment platform to provide businesses 41
with access to cashless transactions and to secure revenue on a one-42
to-one basis of virtual currency to United States dollars. A business 43
is to only have access to the payment platform with approval from 44
the State. The payment platform is to provide the ability to manage 45

A449 DANIELSEN
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and process all business expenditures and allow all transactions to 1
be recorded on an immutable blockchain ledger. The payment 2
platform is to facilitate regulatory compliance, provide for audits by 3
the State, and allow for payment of sales tax to local municipalities. 4