AUTHORS OF NEW YORKS P2P PUBLIC VENMO BILL HOPE FOR GREATER DECENTRALIZATION

Imagine a world where accessing financial services isn't a privilege but a right, where transferring money is as seamless and affordable as sending a text message.This is the vision driving New York lawmakers, Assembly legislator Ron Kim and Senator Julia Salazar, as they champion a groundbreaking initiative: a public peer-to-peer (P2P) payment system, often referred to as a ""Public Venmo."" Officially named the **Empire State Inclusive Value Ledger Establishment and Administration Act**, this bill aims to create a publicly administered digital platform for savings and payments, addressing the significant issue of financial exclusion and stimulating local economic growth.The goal is ambitious: to bring more New Yorkers into the formal economy, fostering a more equitable and decentralized financial landscape.The potential impact extends far beyond simple money transfers, reaching into the realms of economic empowerment and community revitalization.Could this be the future of public finance, and what are the implications for the existing financial system? Introduced by New York State Assembly legislator Ron Kim and Senator Julia Salazar, the bill proposes to set up the empire state inclusive value ledger establishment and administration act that would create a system of wallets for payments by state entities and residents.This is a new frontier for state led banking.

The Rationale Behind New York's Public Venmo Initiative

The need for an alternative financial system stems from several interconnected challenges within New York's economy.Millions of New Yorkers are either unbanked or underbanked, facing barriers to accessing traditional financial services like bank accounts and affordable loans.This exclusion often leads to reliance on predatory lenders and high-fee check-cashing services, trapping individuals and families in cycles of poverty. Every day New York State returns $2 million to those who file claims here. Is any yours? How would you rate our website? New York State has $20 billion in lost money and wants to give it back.The current system favors big banks over the average New Yorker.

The Public Venmo initiative, or the **New York Inclusive Value Ledger (IVL)**, seeks to address these issues head-on. be known as the Public Venmo Plan since its draft bill was proposed in the New York State Assembly and Senate last year, can be instituted by municipal, state, or national authorities, and can be administered by either the Fed or Treasury at the national level. 11. 7. See. Robert Hockett Lawrence Rufrano, Digital Dollars for All, W. ALL . SBy creating a free, accessible, and user-friendly P2P payment platform, the bill aims to:

• Promote financial inclusion: Provide a safe and reliable alternative to traditional banking for the unbanked and underbanked.
• Stimulate local economic growth: Encourage spending within local communities by facilitating easy and affordable transactions.
• Increase payment speed and efficiency: Streamline government payments, such as unemployment benefits and tax refunds, reducing delays and administrative costs.
• Monetize and revitalize local commerce: Foster a more vibrant and resilient local economy.

Assembly legislator Ron Kim emphasized the transformative potential of the IVL, stating that it could ""fundamentally reshape New York into a fairer, healthier, wealthier, and more inclusive place for all.""

Key Features of the Proposed New York Inclusive Value Ledger

The proposed New York Inclusive Value Ledger (IVL) isn't just a simple payment app; it's designed to be a comprehensive financial platform with several key features that set it apart from existing P2P services like Venmo and PayPal.

• Publicly Administered: Unlike Venmo, which is a private company, the IVL would be administered by a state entity, ensuring transparency and accountability.
• Universal Access: All New York residents would be eligible to participate, regardless of their banking status or credit history.
• Fee-Free Transactions: The IVL would offer free transactions for users, eliminating the fees associated with many traditional banking services and P2P apps.
• Secure and Reliable: The platform would utilize advanced security measures to protect users' funds and data.
• Integration with Government Services: The IVL would be integrated with state government services, allowing for seamless disbursement of benefits and collection of taxes.

This infrastructure would also allow for easier access to stimulus checks, rebates, and other assistance programs that are often delayed due to difficulties in reaching unbanked populations.

How Does the IVL Compare to Existing P2P Payment Platforms?

While the IVL shares similarities with existing P2P payment platforms like Venmo, PayPal, and Cash App, there are some critical distinctions that highlight its unique purpose and potential benefits.

Unlike Venmo and PayPal:

• Public vs.Private: Venmo and PayPal are for-profit companies driven by shareholder interests. Lawmakers in New York are trying to correct this with a new bill that would create a public Venmo system designed to include more people in the formal economy and stimulate localThe IVL is a public service designed to serve the needs of all New Yorkers.
• Fees: Venmo charges fees for certain transactions, such as instant transfers and business payments. Introduced by New York State Assembly legislator Ron Kim and Senator Julia Salazar, the bill proposes to set up the empire state inclusive value ledger establishment and administration actThe IVL would offer free transactions for all users.
• Financial Inclusion: Venmo requires a bank account or debit card for registration, excluding the unbanked.The IVL would be accessible to all residents, regardless of their banking status.

A Key Difference: Decentralization

While the bill may not explicitly endorse blockchain technology, the concept of a distributed ledger inherently promotes decentralization.This could pave the way for greater financial autonomy and reduced reliance on traditional intermediaries.

Potential Benefits of the New York Inclusive Value Ledger

The successful implementation of the New York Inclusive Value Ledger (IVL) could unlock a multitude of benefits for individuals, communities, and the state as a whole.The potential impact extends far beyond simple convenience, reaching into the realms of economic empowerment and social equity.

• Reduced Reliance on Predatory Lending: By providing access to affordable financial services, the IVL could help individuals escape the cycle of debt associated with payday loans and other high-interest lending products.
• Increased Economic Activity: Facilitating seamless transactions within local communities could boost spending and support local businesses, leading to increased job creation and economic growth.
• Improved Government Efficiency: Streamlining government payments through the IVL could reduce administrative costs and ensure that benefits reach recipients more quickly and efficiently.
• Greater Financial Literacy: By providing a user-friendly platform for managing finances, the IVL could promote financial literacy and empower individuals to make informed financial decisions.

The IVL could also serve as a model for other states and even the federal government, potentially leading to a nationwide network of public digital payment systems.

Challenges and Considerations for Implementation

While the New York Inclusive Value Ledger (IVL) holds immense promise, its successful implementation will require careful planning and consideration of potential challenges.

• Security: Ensuring the security of the platform and protecting users' funds from fraud and cyberattacks is paramount.Robust security measures, including multi-factor authentication and encryption, will be essential.
• Privacy: Protecting users' privacy and data is another critical concern. 纽约立法者提出了一项关于点对点（P2P）储蓄和支付平台的法案，称为 纽约普惠价值账本 。 该法案由纽约州议会议员罗恩 金（Ron Kim）和参议员朱莉娅 萨拉萨尔（Julia Salazar）提出，提议制定一项 建立帝国主义的包容性价值分类帐和管理法案 ，以建立一个由州实体和居民付款的钱包系统。Clear and transparent privacy policies will be necessary to build trust and ensure that users' data is not misused.
• Scalability: The platform must be able to handle a large volume of transactions and users without experiencing performance issues. Lawmakers in New York are trying to correct this with a new bill that would create a public Venmo system designed to include more people in the formal economy and stimulate local economic growth.Scalability testing and infrastructure planning will be crucial.
• Adoption: Encouraging widespread adoption of the IVL will require effective marketing and outreach efforts, particularly among vulnerable populations who may be unfamiliar with digital payment systems.
• Regulatory Compliance: The IVL must comply with all relevant state and federal regulations, including anti-money laundering (AML) and know-your-customer (KYC) requirements.

Addressing these challenges proactively will be essential to ensuring the long-term success and sustainability of the IVL.

Robert Hockett's Vision: A National Digital Dollar

While New York's Public Venmo initiative focuses on a state-level solution, the broader concept of a publicly administered digital currency has gained traction at the national level as well. I propose means of immediately converting the Department of Treasury s existing Treasury Direct system of freely available transaction accounts into a publicly administered digital savings and payments platform. A platform of this type is an essential public utility in any commercial society such as our own.Robert Hockett, a professor of law at Cornell University, has proposed a plan for a ""Digital Dollar"" that could be administered by the Federal Reserve or the Treasury Department.

Hockett's vision involves leveraging the existing TreasuryDirect system to create a publicly administered digital savings and payments platform.This platform would provide all Americans with access to a safe, reliable, and fee-free way to manage their finances.

How Could a National Digital Dollar Work?

Hockett's proposal envisions a system where individuals could hold digital dollar accounts directly with the Federal Reserve or the Treasury Department.These accounts could be used to:

• Receive government payments, such as tax refunds and Social Security benefits.
• Make payments to businesses and individuals.
• Save money and earn interest.

The Digital Dollar could also be integrated with mobile payment apps, making it easy for people to use their digital dollars for everyday transactions.

The Future of Public Finance: Decentralization and Digital Currencies

The New York Inclusive Value Ledger (IVL) and the broader concept of a national Digital Dollar represent a significant shift in the landscape of public finance. New York state lawmakers proposed the creation of a public digital banking system that resembles Venmo to assist the underbanked.By embracing decentralization and digital currencies, governments can create more inclusive, efficient, and equitable financial systems.

Decentralization, in this context, refers to the distribution of financial power away from traditional intermediaries like banks and towards individuals and communities. Enter email, mobile, or username NextDigital currencies, such as the IVL and the Digital Dollar, can facilitate this decentralization by providing a direct and transparent way for people to manage their finances.

What are the potential implications of this shift?

• Empowered Individuals: Greater control over their finances and access to affordable financial services.
• Thriving Communities: Increased economic activity and reduced reliance on predatory lending.
• Efficient Government: Streamlined payments and reduced administrative costs.
• Resilient Economy: A more stable and diversified financial system.

While the journey towards a fully decentralized and digital financial system is likely to be long and complex, the New York Inclusive Value Ledger (IVL) represents a crucial step in the right direction. 紐約立法者提出了一項關於點對點（P2P）儲蓄和支付平台的法案，稱為「紐約普惠價值賬本」。 該法案由紐約州議會議員羅恩 金（Ron Kim）和參議員朱莉婭 薩拉薩爾（Julia Salazar）提出，提議制定一項「建立帝國主義的包容性價值分類帳和管理法案」，以建立一個由州實體和居民付款的錢包系統。It's a bold experiment that could pave the way for a more just and prosperous future for all.

Common Questions About Public P2P Payment Systems

The concept of a public P2P payment system like New York's proposed Inclusive Value Ledger raises several common questions.Addressing these concerns is vital for fostering understanding and building public support.

Is this similar to cryptocurrency?

While the IVL involves digital currency, it's fundamentally different from cryptocurrencies like Bitcoin.The IVL would be a dollar-backed digital currency, meaning its value is pegged to the US dollar and managed by a state entity. Por que Nova York precisa do IVL, conhecido como Public Venmo? Tamb m conhecido como Public Venmo, o projeto tem objetivos ambiciosos, pois pretende enfrentar uma s rie de desafios interconectados na economia do estado de Nova York: inclus o financeira, manuten o do dinheiro no com rcio local, velocidade de pagamento, monetiza oCryptocurrencies, on the other hand, are decentralized and often highly volatile.

How safe is this system?

Security is a top priority.The IVL would employ robust security measures, including encryption and multi-factor authentication, to protect users' funds and data. ! 1! Digital!Greenbacks!! A!Sequenced TreasuryDirect !and! FedWallet !Planfor!the!Democratic! Digital!Dollar!! RobertHockett! Abstract:!Ipropose means ofRegular security audits and updates would be essential to maintain the system's integrity.

What about privacy?

Privacy is another critical consideration. PayPal brings many of its brands under a single umbrella, but Venmo remains a stand-alone By MacKenzie Sigalos, CNBC Published Febru Updated on Febru atClear and transparent privacy policies would be in place to ensure that users' data is protected and not misused. Authors of New York s P2P Public Venmo Bill Hope for Greater DecentralizationSource: CointelegraphPublished onUsers would have control over their data and the ability to opt out of certain data-sharing practices.

Who is eligible to use this system?

The IVL is designed to be accessible to all New York residents, regardless of their banking status or credit history.This includes the unbanked, underbanked, and those who may have difficulty accessing traditional financial services.

How will this system be funded?

The funding model for the IVL would likely involve a combination of state appropriations, federal grants, and potentially transaction fees for certain services.A sustainable funding model is crucial for the long-term viability of the system.

Conclusion: A New Era of Financial Inclusion

The authors of New York's P2P Public Venmo bill, Ron Kim and Julia Salazar, are spearheading a movement towards greater financial inclusion and decentralization. The public sector has moved from the old values and norms of management to a new paradigm of management termed New Public Management (NPM) (Hope Sr. Chikulo, 2025). As an economic managementThe New York Inclusive Value Ledger (IVL) has the potential to revolutionize how New Yorkers access and manage their finances, fostering a more equitable and vibrant economy. If you have added money to your Venmo personal account using Direct Deposit or the cash a check feature or have bought or have received cryptocurrency with your Venmo account, we will place your U.S. dollar Venmo personal account funds in one or more Program Banks, where they will, subject to certain conditions, be eligible for pass-through FDIC insurance up to applicable limits.While challenges remain, the potential benefits of the IVL are undeniable. 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 ofBy embracing innovation and prioritizing the needs of all residents, New York is taking a bold step towards a more just and prosperous future. Phone number: Send me the app. By providing your phone number, you agree to receive a one-time automated text message with a link to get the app. Standard messaging rates may apply.The bill may influence state and federal level financial systems. Los legisladores de Nueva York propusieron un proyecto de ley sobre una plataforma de ahorros y pagos entre pares (P2P) llamada New York Inclusive Value Ledger .This Public Venmo may become a reality sooner than later.

Key Takeaways:

• The New York Inclusive Value Ledger (IVL) aims to create a publicly administered digital payment platform.
• The IVL seeks to address financial exclusion and stimulate local economic growth.
• It offers free transactions and universal access to all New York residents.
• The initiative could serve as a model for other states and the federal government.
• Addressing security, privacy, and adoption challenges will be crucial for success.

What are your thoughts on the Public Venmo bill? Discover the convenience of Venmo - the mobile P2P payment app for fast money transfers. Download now on the App Store or Google Play.How do you think it will impact the future of New York’s economy?