As the furor behind the digital assets refuses to die down despite the continual bear market and rising crypto crimes, more and more governments and regulators are recognizing their importance in how it can help shape the economy.
Recently, New York State became the first state in the US to create a cryptocurrency task force to study how to regulate, define and use cryptocurrency properly. NYS Governor Andrew Cuomo, signed into law The Digital Currency Study Bill, A8783B/S9013 last week.
Clyde Vanel, an NYS Assemblyman and Chair of Subcommittee on Internet and New Technologies announced the same in a Facebook post. Assemblyman stated that the regulators need to understand the importance of cryptocurrency and the seemingly impressive technology associated with it. Apart from implementing secure transactions, the blockchain technology can be used to record in-tamperable contracts and transactions which adds to the authenticity of the same. Vanel also suggested that the applications of such a technology are endless in public and private sectors to improve transparency and efficiency. He even went onto suggest that government should consider blockchain uses with elections, the recordation of vital records and real estate transactions.
The members of the task force, appointed by the Governor, Senate, and Assembly, are slated to submit their findings by December 2020. The members as per the assemblyman will include stakeholders such as technologists, consumers, institutional and small investors, large and small blockchain enterprises and academics. The group shall report on digital currency, cryptocurrency and blockchain technology.
“New York leads the country in finance. We will also lead to proper fintech regulation. The task force of experts will help us strike a balance between having a robust blockchain industry and cryptocurrency economic environment while at the same time protecting New York investors and consumers,” said Vanel.
Julie Samuels, the Executive Director of Tech NYC, commented that “Cryptocurrencies and blockchain technology will, without a doubt, greatly impact finance and many other industries across the globe for years to come. New York’s cryptocurrency task force – the first of its kind in the nation – shows how our state is leading the way in studying and understanding these technologies to ensure they can thrive responsibly and effectively, further solidifying New York’s position as a global hub for smart innovation.”
NYS Assemblyman Ron Kim said that with such a move, the Congress hopes to bring in the next chapter of decentralization, which can help build more resilient local economies.