The digital community currency in the State of New York is not a happy group right now, and with very good reason. A controversial plan to introduce a regulated framework "BitLicence" raised concerns not only among supporters, but also a number of start-ups, in fact all those who use virtual currencies such as Bitcoin, and BlockChain for BitGo conduct transactions.
according to the plan, which was drafted by the New York Department of Financial Services (NYDFS) earlier this year, companies that use digital currency would be required to collect names, account numbers and customer addresses that use virtual currency, in an apparent attempt to prevent money laundering, fraud and abuse in state New York. However, a number of companies are concerned about the amount of data required to complete a transaction, including Bitcoin Chief Compliance Officer, Tim Byun who said Monday "on Broadway Merchants do not collect such information for" each transaction "that whether by money for a hotdog or through debit cards to watch a show. "So why should we the personal information collected during the use of virtual currency?
The Electronic Frontier Foundation (EFF) has captured the absurdity of this proposal fully quoting a customer to buy a cup of coffee, but must provide their address, bank statements and other personal information before the purchase by cash or credit card.
Benjamin Lawsky head of the New York Department of Financial Services had an apparent change of heart - probably because of massive public protests, saying during a meeting last week that the Bitcoin developers, and general users who want to shop or "hold virtual currency only for investment purposes" will not need a license. However, Lawsky added that "the actual mining will not be regulated. in since a minor engaged in other virtual currency services, however, for example, hosting or virtual portfolios currently trading -. a license may be required for activities "
These new has not reassured many bitcoin companies that are still not convinced and concerned about the future of their businesses.
You still have time to take action by sending a letter to the New York Department of Financial Services.
NYDFS the release a new version of the proposal, and welcome further comments from businesses and the general public. This could take a while!
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