Cryptocurrency

05/01/19 07:00 UTC-4

In New York, a working group was created to study cryptocurrency and blockchain technology

In New York State, a cryptocurrency task force is officially launched, which aims to help residents and state authorities understand cryptocurrency assets, as well as their underlying blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
technology, as reported by CoinDesk.

As it became known, at the end of December 2018, the governor of the state, Andrew Cuomo, approved a bill to create a task force to study cryptocurrency and blockchain technology. The news was first made public on Wednesday, January 2, 2019, in a press release from the sponsor of the bill, Clyde Vanel.

 

Learning cryptocurrency and blockchain in New York

The task force will consist of technologists, potential consumers, institutional and retail investors, representatives of enterprises and scientists. It was reported that members of the group will be appointed personally by Governor Cuomo, as well as by the Senate and the State Assembly. The group will be required to submit reports on the study and dissemination of information about the blockchain and cryptocurrencies until December 15, 2020.

"A task force of experts will help us find a balance between the stable blockchain industry and the economic environment of cryptocurrency (...) while protecting New York investors, consumers and not hindering progressive financial innovations to develop." – Clyde Vanel.

The reports of the research group will include suggestions on how the state can best regulate, define or use cryptocurrencies. In addition, the reports should include detailed reviews of the crypto-sphere in New York, including the cost of energy for miningMining
– is a type of activity for creating new blocks in the Blockchain to ensure proper system operation. Details
, information on tenders and possible taxes.

Recall that the government of New York has already developed its own landmark regulation of the cryptocurrency business in the form of the BitLicense project (four years ago). But, as you know, this form of regulation proved to be very controversial and only four licenses were granted since the introduction of the rules.

Recall that Clyde Vanel (who represents the interests of West Brooks) first proposed to create a working group at the end of 2017, introducing the bill in December of the same year. A working group was set up in New York State to study cryptocurrency and blockchain technology – it is now known that research and recruitment of team members will begin after the 2019 Christmas holidays.

Editor: Alyona Nabok

See also: "Indian police protect the public from investing in cryptocurrencies"

#United States #New York #cryptocurrency #blockchain #Andrew Cuomo #Clyde Vanel

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