ITIF warns New York regulators to ensure BitCoin rules promotes innovation

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State regulators are trying to get their heads around the use of virtual currencies, such as Bitcoin, for business and other transactions.

Among them is the New York State Department of Financial Services (NYSDFS) which released a proposed regulatory framework for virtual currencies.  The framework proposes requirements, for instance, that would require businesses that hold, transmit, or convert Bitcoin virtual currencies to everyday currencies to apply for “BitLicenses.”

The Information Technology and Innovation Foundation, a U.S. non-profit public policy think tank based out of Washington, D.C., warns, however, that the proposed regulations have room for improvement and need to leave room to encourage innovation, competition, and investment, while monitoring intermediaries for misconduct.

On July 17, the New York State Department of Financial Services (NYSDFS) released a proposed regulatory framework for virtual currencies, such as Bitcoin, that would require businesses that hold, transmit, or convert virtual currencies to everyday currencies to apply for “BitLicenses.” (For …

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Bitcoin, Innovation, ITIF, New York, State & Local News, States
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