New York is one of the few states in America which is taking the arrival of cryptocurrencies very seriously. New York was one of the first states to provide a proto regulatory framework for the cryptocurrency exchanges to perform.
This time the bank committee of New York state legislature wants to create a task force. They have already introduced the bill to kick start the process. The bill was introduced on May 30th. The aim is the creation of a digital currency task force.
The initial workings of the task force will be research based. It is formed to study the potential effects of the implementation of cryptocurrencies on the financial stability of the markets. The focus is on the effects on the New York state.
The bill propose a body consistent of nine members. They will diagnose the markets impact and create a report. The report will then sent to the Governor of the state, president of the senate and subsequently to the speaker of the assembly.
All this is done till December, 2019. The bill grants the task force discretionary power in recruiting any group deemed favorable for advising. The report will focus on the use of crypto assets on local tax receipts and transparency of the digital market.
It will also look at the regulation’s impact on the development of Blockchain industries in New York State. The report will take into cognizance the total number of cryptocurrencies and exchanges operating in New York. The task force is also authorized to keep its eyes on the large investments in the crypto sphere and the pros and cons of the mining energy data.
New York is way ahead of other states when it comes to dealing with crypto market. Winklevoss twins backed Geminin exchange has already made deals with New York authorities. They even convinced them to trade on Zcash, whose privacy functions are very controversial especially among law enforcement authorities.