New York to introduce regulations for Bitcoin transactions

bitcoinRT

New York’s financial regulator will adopt rules to govern virtual currency firms with a view to combatting money laundering. The move comes in the wake of a series of hack attacks that have halted bitcoin transactions across the globe. The state currency regulator announced on Tuesday that current regulations governing currency transmissions would be adapted to suit new digital currencies. The rules would make New York the first US state to legislate for alternative cyber-currencies such as bitcoin. “Our objective is to provide appropriate guard rails to protect consumers and root out money laundering – without stifling beneficial innovation,” Benjamin Lawsky, superintendent of New York’s Department of Financial Services, said at a speech Tuesday in Washington. [Source]

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s