The US state of New York has launched a cryptocurrency task force, which will study and prepare report to better regulate, define and use cryptocurrency.
Image: Cryptocurrencies such as Bitcoin and Ethereum are digital assets designed to work as a medium of exchange for secure transactions. Photo: courtesy of adamr / FreeDigitalPhotos.net.
Recently, the New York State governor Andrew Cuomo has approved a new law, The Digital Currency Study Bill.
Governor, senate and assembly have appointed members of the task force, who have to complete study and submit reports by 15 December 2020.
The members will comprise of stakeholders, including technologists, consumers, institutional and small investors, large and small blockchain enterprises and academics.
The group has to prepare a report on digital currency, cryptocurrency and blockchain technology.
NYS Assemblyman and internet and new technologies subcommittee chair Clyde Vanel said: “New York leads the country in finance. We will also lead in proper fintech regulation.
“The task force of experts will help us strike the balance between having a robust blockchain industry and cryptocurrency economic
Cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Ripple are digital assets developed to serve as a medium of exchange, with cryptography, for secure transactions.
Cryptocurrency is said to be used as currency, a means to exchange for goods and services. It can also be used to record contracts and transactions.
Cryptocurrency tokens are will serve as utility tokens with a capacity to record or store information.
The technology that upholds cryptocurrency, blockchain technology, can be used in multiple applications in the public and private sectors to enhance transparency and efficiency.
Blockchain can also be considered for recordation of vital records and real estate transactions, as well as in elections by the government.
Tech:NYC executive director Julie Samuels said: “New York’s cryptocurrency task force – the first of its kind in the nation – shows how our state is leading the way in studying and understanding these technologies to ensure they can thrive in a responsible and effective way, further solidifying New York’s position as a global hub for smart innovation.”