Bitcoin Global News (BGN)
January 03, 2019 -- ADVFN Crypto NewsWire -- The U.S. state of New
York has been a hot spot for cryptocurrency in America, where
overall the national government has moved slower to research,
understand and adapt financial policies for the new technology. The
state is now moving forward with a bill which:
Creates the digital currency task
force to provide the governor and the legislature with information
on the potential effects of the widespread implementation of
digital currencies on financial markets in the state.
https://www.nysenate.gov/legislation/bills/2017/a8783?intent=support
As the center of global trade for
the world, New York has primarily focused on the stereotypical
aspects of cryptocurrency as investment options. But cryptocurrency
and blockchain technology have permeated much deeper in the the
culture of the state.
Joining the education level and
electronics industry, IBM and Columbia University formed a
Blockchain research center in July at the Manhattan campus of
Columbia University in New York City. The focus is developing a
space to incubate blockchain applications with both academic and
technical expertise in mind. The state, and specifically New York
city, also drew attention In October for a blend of protest, art
and informative display.
Cryptocurrency Attention
Growing
An eight foot tall rat was placed
directly in front of the Federal Reserve Bank of New York. It is
white in color, but covered with informative facts and information
about Bitcoin and economics in colorful writing. It included the
deeper components of Bitcoin’s code and math equations as well as
quotes from the original Bitcoin whitepaper written by Satoshi
Nakamoto. Even the rat’s eyes spell out the letters "PoW.” This is
the acronym for proof-of-work - the consensus mechanism that has
kept the Bitcoin network secure since its creation.
The task force will be composed of
technologists, consumers, institutional and retail investors,
representatives of enterprises and academics. They have been given
until December 12, 2020 to submit reports on their findings. These
reports are designed to include proposals on how the state could
best regulate, define or utilize cryptocurrencies. Other aspects in
include the energy cost of mining cryptocurrencies, how
cryptocurrencies are being traded within the state, how these
trades may be affecting tax collection and a number of other
aspects.
These issues have been under
development in the state already. New York state energy use
regulations were updated earlier this year to account for mining. A
bill was proposed to provide $3 million dollars for developing a
cryptocurrency to support the local economy as well called
Ithacash. It noted several benefits:
-
Local loyalty - incentives through
the local cryptocurrency for local businesses
-
Behavioural rewards - housing,
healthcare and welfare sectors cut costs by rewarding
citizens
-
Sharing economy - transactions
within the community spurs teamwork
-
Donations - direct donations are
possible with cryptocurrencies
-
Regional trade network - Businesses
can transaction without restrictions
By: BGN Editorial Staff