New York Cryptocurrency Task Force Launched

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New York Cryptocurrency Task Force – New York is designing Crypto Currency Task Force.  Again very innovation-minded approach to Crypto Currencies and Block Chain Technology.

Also, read Google’s Secret Cryptocurrency Project.

The Future is CryptoCurrency – the New York assembly along with state of New York is making progress toward establishing formal Crypto Currency rules that could ultimately bolster more widespread use of virtual currencies.

Similar Way and Fashion – Unlike some jurisdiction, a task force established in the U.K. in March to scrutinize Crypto Market. Britain will sign an agreement with Australia on Thursday-31st May 2018.

Meeting-If approved and according to New York Assembly experts, Crypto Currency Task Force will investigate on the matter so will report back to Assembly by 15th December 2019.

Members of New York Crypto Task – The task force will be made up of 9 members appointed by various New York governmental positions.

Task force Crypto Currency Purpose – to investigate the current state of global Crypto Currency and Block Chain utility and legislation. The second reason behind the task is to create and generate the impact of digital currencies on the state’s Financial Markets.

The Crypto Taskforce  Research – This will conduct a study on the number of digital currencies and exchanges operating in New York State and their average monthly trade volume, as well as the digital currencies’ impact on state and local tax receipts, among others. The report and data submitted should properly consider the negatives and positives of CryptoCurrency.

New York desires to be the leader in Block Chain Space

In recent times and bearing so many scams the Securities and Exchange Commission has opened a number of investigations for Initial coin offerings.

To make it work and perform the assembly of New York wants to income Crypto Currency rules and guidelines for the users to bring awareness for using new technology.

New York Assembly database Questionnaire

The report and data submitted should properly consider the negatives and positives of CryptoCurrency.

Some Rules and guidelines- At the New York State Assembly-Crypto Task

  • Review of the impact of the department of financial services’ regulations on the development of digital currency, Crypto Currency and Blockchain industries in New York State.
  • The number of digital currencies presently being listed and their approximate proportion of market share.
  • Report on the number of exchange happening in New York and their average trade per month.
  • Impact of Crypto Currency state and local tax receipts.
  • Different types of departments who are investing in CryptoCurrency.
  • The energy consumption necessary for coin mining operations and other policy considerations related thereto.
  • The transparency of the digital currency marketplace and the related potential of market manipulation and other illegal activities.
  • A review of laws and regulations on the digital currency used by other states, the federal government, foreign countries, and foreign political and economic unions to regulate the marketplace.
  • Legislative and regulatory recommendations, if any, to increase transparency and security, enhance consumer protections, and to address the long-term impact related to the use of CryptoCurrency.

About the author

Michael Williamson

Michael Williamson is a content marketer who formerly worked out of Unbounced's Montreal office. A writer by day and a reader by night, he is loathe to discuss himself in the third persona, but can be persuaded to do so from time to time.

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