Bitcoin, Crypto currency, Blockchain

New York is calling crypto-task force

New York is calling crypto-task force

New York is known as America’s capital of Finance. Now New York is trying to pioneer in the Fintech area, and especially in the sector of the crypto-currencies, to be. Recently, the state announced that he will form a Task Force to come up with crypto-currencies, and to address the associated with the necessary regulations. This New York this new technology would open the doors to the local economy. The announcement was made by the New York members of the Clyde Vanel on 2. January 2019 on Facebook common. Clyde Vanel is the Chairman of the sub-Committee for the area of Internet and new technologies, of the state of New York. The state will be the first in the United States, the calling of a special task force that deals with issues related to crypto-currencies and their regulations. It is expected that this is the first step of New York to sensible regulatory framework. What is decided in New York, will trigger a Domino effect across the country and around the world.

Long Overdue

Already on 30. May 2018, has decided the banking Committee of the New York State Parliament the authority to form a Task Force called “Digital Currency Task Force”. Even if the idea of a Task Force for the state of New set York, in June of 2017 for the first Time arose, progress was initially slow. Only on 2. January 2019, convened the Task Force finally, for the first Time. You will deal with the possible consequences of the use of crypto-currencies on the financial markets in the state of New York. With the draft law, a task force is created consisting of nine members, is tasked to create up to December 2019 a report. This report will then be submitted to the Governor, the temporary President of the Senate and the speaker of the Assembly.

During the preparation of the report, the Task Force may, allegedly with any government, organization or individual. The report is to examine the influence and impact of the regulations on the development of digital currencies and Blockchain-based industries in New York. In addition, the use of crypto-currencies and their potential impact on local tax collection, as well as the transparency of the market for digital currencies is to be examined.

The draft law to the analysis of the digital currency

With the signing of the act “Digital Currency Study Bill” (A8783B/S9013) by the Governor of the state of New York, the Task Force shall be empowered to investigate the use of cryptographic systems as well as the regulations in connection with crypto-currencies. One of the interesting aspects of this Task Force is to examine how and whether regulations hamper the growth and acceptance of the market for digital currencies. In addition, the Task Force will support a number of projects for digital currencies and Exchanges in the state of New York, in order to obtain information about potential investors interested in the implementation of crypto-currencies. In addition, the Task Force will receive an Overview of the energy consumption of the Mining. The Task Force will also get a detailed Overview of regulations and laws in regards to crypto-currencies of other States, the Federal government and foreign political and economic allies to regulate the market are applied.

The gates to the world

New York is the gateway to America, and that could be the goal of the digital currencies to the United States. The United States is lagging behind in this area, the rest of the world, as most of the activities with a crypto-reference in a foreign place. There was a time, in almost the whole world for new technologies and the associated regulations on the US has looked back. This Time, the US has catching up to do, since the rest of the world in the regulation and Innovation of crypto-currencies is far advanced. The attitude of both the state and the Federal governments was vague, and also the handling of the regulatory authorities with crypto-currencies is unclear. The Task Force and their final report can ultimately provide clarity. Also, if the Task Force is still in the initial phase, will affect the working regulations and recommendations ultimately, the future of the crypto market in the United States of America and the Rest of the world.

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