New York State Legislature Proposes Creation of Cryptocurrency Task Force

The banks committee of the New York state legislature voted on Wednesday, May 30 to progress a bill that would create a digital currency task force. The task force would study the potential effects of the implementation of cryptocurrencies on financial markets in the state of New York.

If passed, the bill would establish a group consisting of nine members which would be called on to submit a report to the governor, temporary president of the senate, and the speaker of the  assembly by December of 2019. While preparing the report, the task force may reportedly consult with any organization, government entity or person.

According to the legislation, the report would study the impact of regulations on the development of digital currencies and blockchain industries within the state, the use of cryptocurrencies’ effect on local tax receipts, and the transparency of  the digital currency marketplace…

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