At the New York State Department of Financial Services hearing today, Superintendent of Financial Services Benjamin Lawsky reaffirmed that the State is indeed mulling implementing a ‘BitLicense’ of sorts to businesses that accept bitcoin and other digital currencies.
“Ultimately, it’s our expectation that the information we’ve gathered in this fact-finding effort will allow us to put forward, during the course of 2014, a proposed regulatory framework for virtual currency firms operating in New York,” he said in his statement. “That is, in part, why we’re evaluating whether our agency should issue a so-called ‘BitLicense’ specifically tailored to virtual currencies.”
The hearings are designed, in part, to find whether or not such a solution would be necessary. If so, New York would become the first state in the nation to make such a move. Some see a BitLicense as a blessing and a curse. One one hand it’s good to see the government recognize bitcoin by implementing regulation, but it’s unclear how much of a hindrance these regulations will become to business owners.
The hearings continue on Wedesday, with panelists including Charlie Lee (creator of litecoin) and Jeremy Allaire (CEO, Circle Internet Financial). (via RT)