01 Oct '13, 11am

transparency

New York ’s top banking overseer said any regulation of the nascent Bitcoin industry has to include transparency on who does the trading of the virtual currency, and if that hurts a business dominated by anonymous transactions, “so be it.” Benjamin Lawsky , superintendent of New York’s Department of Financial Services, said he doesn’t have an opinion about the viability of Bitcoin as a digital currency. In an interview with Bloomberg editors and reporters, he said his primary concern involved adding anti-money-laundering safeguards. Lawsky said his goal in sending out subpoenas to almost two dozen digital currency companies this summer was not to “squelch out” the fledgling industry; it was to make sure the proper know-your-customer guidelines were in place. “Virtual currencies may ultimately turn out to be a very big thing that people want to use,” Lawsky said in an inter...

Full article: http://www.bloomberg.com/news/2013-10-01/lawsky-says-so-b...

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