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The State of New York could launch a Cryptocurrency Working Group


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The State of New York is moving towards establishing rules cryptocurrency, which could ultimately encourage more widespread use of virtual currencies.

Another signal that Bitcoin is here to stay, the New York State Assembly has proposed to launch a working group on digital currency to examine the industries of cryptocurrency and the blockchain thriving in the state.

When it is approved, the nine-person working group will provide a detailed report of its findings by December 2019, according to a summary of the May 30 meeting.

Silent signal that Crypto is here to stay

The proposal to create a task force suggests that lawmakers expect cryptocurrencies to play an important role in the financial markets, despite the refusal of skeptics who insist that the Industry will implode soon.

The task force will be responsible for determining the following:

  1. How many cryptocurrencies are currently traded and what is their percentage of market share?
  2. How many cryptographic exchanges are there in the state of New York and what is their average monthly trading volume?
  3. What is the impact of the use of digital currency on national and local tax revenues?
  4. Who are the major investors in digital currencies?
  5. How much energy does it take to extract crypto?
  6. How transparent is the crypto market and what is the potential for price manipulation?
  7. What are the cryptographic laws currently in force in other states, the federal government and foreign countries?
  8. How can we improve market transparency and strengthen consumer protection?
  9. How does New York plan to manage the long-term impact of cryptocurrencies?
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<img class="wp-image-138598 size-full" data-size="800×416" src="https://businessdigit.com/wp-content/uploads/2018/06/1528048793_415_the-state-of-new-york-could-launch-a-cryptocurrency-working-group.jpg" alt=" The State of New York launches a working group on cryptocurrency. "Width =" 800 "height =" 416 "/>
The State of New York plans to launch a cryptocurrency working group.

As the NCC reported, billionaire Warren Buffett and economist Robert Shiller, Nobel laureate, have dismissed crypto-currencies as phenomena that will not last much longer. "[Bitcoin mania is] another example of human behavior Said Shiller.

Meanwhile, regulators around the world have invested a lot of time and effort to establish guidelines to fight the growing industry. Skeptics might want to ask why someone would want to settle a market that is not going to last.

The proposed working group follows the state investigation

New York is part of a handful of US states that are leading the charge towards better understanding and monitoring of the industry amid its growing growth.

In April 2018, the Attorney General's Office of the State of New York launched an investigation into cryptocurrency trading by sending questionnaires to 13 major exchanges, including Coinbase, Gemini, and Binance.

The New York Attorney General's Office said it opened the investigation in the midst of growing public interest in bitcoin and the highly visible hacks that shook the industry. The Winklevoss twins, Cameron and Tyler, applauded the decision, saying that greater transparency and prudent regulation are good for the market.

"These technologies can not flourish and flourish without thoughtful regulation that connects them to financing," said Tyler Winklevoss, CEO of Gemini Exchange. "As long as the jurisdictions find the right balance, we think it's going to be a boon and a win for cryptocurrencies."

Image from Shutterstock to photo

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