14 Nov '13, 7pm

New York will be holding hearings on Bitcoin

In August 2013, the New York State Department of Financial Services (NYDFS) issued a public notice that it has launched an inquiry into the appropriate regulatory guidelines for virtual currencies. In that notice, we wrote that it is important for regulators to balance both allowing new technologies and industries to flourish, while also working to ensure that consumers and our country’s national security remain protected. NYDFS launched its inquiry in part because of evidence that the cloak of anonymity provided by virtual currencies has helped support dangerous criminal activity, such as drug smuggling, money laundering, gun running, and child pornography. Indeed, the same week that NYDFS issued its public notice, a national magazine published an interview with an alleged key figure in the black market drug website “Silk Road,” who cited the virtual currency Bitcoin as a...

Full article: http://www.businessinsider.com/new-york-to-hold-hearings-...

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