New Jersey State Assemblymen Raj Mukherji (D-Hudson) and Gordon Johnson (D-Bergen), are proposing a bill creating a regulatory framework for digital currency exchange companies and offering tax breaks to exchange companies created in or relocating to the state.
Andrea Castillo, the Technology Policy Program Manager at the Mercatus Center, says the bill will benefit New Jersey’s residents, and the state’s economy.
“New Jersey’s decision to develop a proactive and pro-innovation money transmission framework for virtual currency firms bodes well for Garden State citizens’ diversity of payment options and opportunities for growth”, she said. “Outlining a defined and reasonable registration process that ensures oversight while leaving room for the infant virtual currency industry to experiment and grow is a step in the right direction.
‘A Clear and Fair Framework’
“At the same time, lawmakers should resist the urge to introduce special tax or subsidy privileges for virtual currency firms...