New York assemblyman Clyde Vanel has introduced a bill to study impacts of state-issued digital currency on the state of New York.

To study the effects of such currency on monetary policy and financial stability, Clyde Vanel suggests establishing a special task force. The main areas of the study are supposed to be regulatory issues related to interaction with the United States Securities and Exchange Commission and Commodities Futures Trading Commission. If the bill is approved in the Senate, the task force will also study the effect of the cryptocurrency on local, state, and federal taxation.

On November 27, Clyde Vanel has also introduced four bills related to digital currency and blockchain technology. The purposes of these bills are study potential effects of cryptocurrency on financial market as well as use of blockchain technology to make elections more transparent and state record keeping more efficient. It is expected that the adoption of the bills will allow the state of New York to take a big step toward “legalization” of blockchain technology.

In addition, on February 23, senator David Carlucci and Senator Jesse Hamilton hold a public meeting devoted to the logistics and organization of cryptocurrency in the state of New York.