This bill mandates the Department of the Treasury to review and approve a blockchain-based digital payment platform aimed at assisting legal and licensed businesses in New Jersey that lack access to traditional financial services. These businesses often operate in cash-only environments, and the proposed platform is designed to provide them with a safe, secure, and compliant means to engage in digital commerce.

The digital payment platform will enable cashless transactions and ensure that revenue is secured on a one-to-one basis with United States dollars. Access to the platform will require state approval, and it will facilitate the management and processing of business expenditures while maintaining an immutable blockchain ledger for all transactions. Additionally, the platform will support regulatory compliance, allow for state audits, and enable the payment of sales tax to local municipalities. The act is set to take effect six months after its enactment.