Regulation

NY Creates Cryptocurrency Task Force

New York Creates Cryptocurrency Task Force

A New York State politician announced the creation of what he called the nation’s first cryptocurrency task force, to “study how to properly regulate, define and use” the currency, according to a Facebook post and reports.

Clyde Vanel, a New York State assembly member, said the Digital Currency Study Bill was signed into law last week by Governor Andrew Cuomo. Members of the group will include “technologists, consumers, institutional and small investors, large and small blockchain enterprises and academics,” he said.

Cryptocurrencies, like bitcoin, Ethereum, Litecoin and Ripple, are digital assets designed to work as a medium of exchange that uses strong cryptography to secure transactions,” he said. “Cryptocurrency, however, is more than just an asset that stores value. It is used as currency, a means to exchange for goods and services. It is also used to record contracts and transactions. Cryptocurrency tokens are also used as utility tokens that can record or store information, from how long someone browses a website to rewarding behaviors.”

The banks committee of the state’s legislature voted to create a digital currency task force back in June, and the group will have to submit all relevant information by Dec. 15, 2020. The report’s goal is to study the transparency of the digital marketplace, what kind of effect cryptocurrency and blockchain technology will have on state industries and how it will affect taxes, among other subjects.

Julie Samuels, the executive director of Tech:NYC, a nonprofit organization representing New York City tech companies, said the study is an important one.

“Cryptocurrencies and blockchain technology will, without a doubt, greatly impact finance and many other industries across the globe for years to come,” 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.”

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