New York is creating a task force for cryptocurrencies

New York is creating a task force for cryptocurrencies. At the start an impressive analysis effort to monitor the evolution of the phenomenon.

New York is creating a task force for cryptocurrencies - crypto3

Lo New York State is considering the possibility of creating a task force to investigate the current state of use of criptovaluta on a global level and on the usefulness of legislation on the possible adoptions of the blockchain technology.

The news is certainly not surprising. The State of New York is in fact one of the stars and stripes institutions that in the country have chosen to adopt a very innovative approach on cryptocurrency e blockchain technologies, so much so that it has carved out a leading role in this ecosystem. Now, the state wants to evaluate how to establish some rules on digital currencies, and some guidelines that are aimed at increasing awareness and use of new technology. In order to carry out this effort for concrete results, New York proposed to launch a task force to investigate the technology and report its analysis results with specific information.

As specified in a public document, the State of New York hopes that the task force will be able to carry out the review of the impact of the regulation of the Department of financial services on the development of digital currency, of the criptovaluta and the industries of the blockchain. Again, among the objects the task force will have to deal with is the evaluation of the number of digital currencies currently traded and their approximate percentage of market share, the number of exchange operating in the State of New York and their average monthly trading volume, the impact of digital currencies on state and local tax revenues, large investors in digital currency, the energy consumption required for coin mining operations and other considerations related policies, the transparency of the digital currency market and its potential for market manipulation, a revision of the laws and regulations on digital currency used by other states, the federal government, foreign countries and foreign political and economic unions to regulate the market; and finally any legislative and regulatory recommendations to increase transparency and security in the sector, improve consumer protection and address the long-term impact of using cryptocurrency.

New York State expects the task force to report on the results no later than the 15 December 2019. It is probable, however, that the cryptographic space and the blockchain can change significantly between today and December 2019, and it is therefore impossible to know with certainty how much such an effort will really be useful ...