New York State Continues Its Path To Regulating Virtual Currency - page 2.

deluxeCITY

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Quote from: Spendulus on November 08, 2014, 04:12:43 PM

Quote from: bornil267645 on November 08, 2014, 12:46:10 AM

New York is trying to protect consumers and prevent illegal activity by regulating cryptocurrency.

http://www.ibtimes.com/bitcoin-new-york-state-continues-its-path-regulating-virtual-currency-1721103

“There has to be a way for startups to start up and play by the rules without getting crushed by huge compliance costs,” Benjamin Lawsky, head of the state’s Department of Financial Services, said Sunday at a conference in Las Vegas.

Yes, Lawsky.

They are welcome to just move to Texas.

Like many of your totalitarian state's residents already have.

Well one issue with the regulation is that it would force any exchange to hold sufficient reserves to cover all customer deposits which means they cannot engage in fractional reserve banking which people are generally against anyway. The main difference is that exchanges will need to pay to have their operations audited in order to prove they have sufficient reserves

Spendulus

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Quote from: bornil267645 on November 08, 2014, 12:46:10 AM

New York is trying to protect consumers and prevent illegal activity by regulating cryptocurrency.

http://www.ibtimes.com/bitcoin-new-york-state-continues-its-path-regulating-virtual-currency-1721103

“There has to be a way for startups to start up and play by the rules without getting crushed by huge compliance costs,” Benjamin Lawsky, head of the state’s Department of Financial Services, said Sunday at a conference in Las Vegas.

Yes, Lawsky.

They are welcome to just move to Texas.

Like many of your totalitarian state's residents already have.

bornil267645

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Merit: 250

AltoCenter.com

New York is trying to protect consumers and prevent illegal activity by regulating cryptocurrency.

http://www.ibtimes.com/bitcoin-new-york-state-continues-its-path-regulating-virtual-currency-1721103

Topic: New York State Continues Its Path To Regulating Virtual Currency - page 2. (Read 3922 times)