Saturday, June 2, 2018

New York state's Banking Committee looking to create a cryptocurrency task force

Back in November of last year the New York state legislature proposed a bill which would create a digital (cryptocurrency) task force to research how virtual currencies could integrate into their financial markets.

Labeled Bill number A08783A, this legislation would create a regulatory body that would determine how digital currencies would function within a digital marketplace as well as how they could be taxed in a commercial framework.

The banks committee of the New York state legislature voted on Wednesday, May 30 to progress a bill that would create a digital currency task force. The task force would study the potential effects of the implementation of cryptocurrencies on financial markets in the state of New York
If passed, the bill would establish a group consisting of nine members which would be called on to submit a report to the governor, temporary president of the senate, and the speaker of the  assembly by December of 2019. While preparing the report, the task force may reportedly consult with any organization, government entity or person. 
According to the legislation, the report would study the impact of regulations on the development of digital currencies and blockchain industries within the state, the use of cryptocurrencies’ effect on local tax receipts, and the transparency of  the digital currency marketplace. 
Additionally, the task force would be required to provide the number of digital currencies and exchanges operating in New York state, information about large investors in the field, and the energy consumption necessary for coin mining operations. – Coin Telegraph


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