28 Jan '14, 4pm

NY State's Lawsky plans for #bitcoin regulations this year. His statement from the NYDFS hearing:

I have been watching the hearings and as a compliance officer I must say the idea that Bitcoin is a currency is incorrect. To be a currency it must be issued by government authority and most likely through an authorized bank. Bitcoin is barter. Nothing more. In times past If you agree to accept my clam shells for your two chickens we had a deal. We did not need banking, government regulation or taxes. If I want to trade you my Chevrolet for your Ford we sign a few documents and exchange keys. Done deal. Bitcoin is Barter and a simple New York commodities license should be all that is needed to make a few percentage points off of the purchase, sale or trade of Bitcoin. The laws of barter should be the basis for the way it is regulated and from there the DFS will be heading in the right direction, not to mention driving tons of new business into New York for finally setting ...

Full article: http://blogs.wsj.com/moneybeat/2014/01/28/bitcoin-firms-w...

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