New York authorities about to set up crypto working team

Posted 05 June, 2018

The authorities of the New York state are considering setting up of the special working unit for studying effects of the cryptocurrency appearance in the financial markets.

The banks' committee of the state legislature has already supported this initiative. The new unit will consist of nine members and be focused on checking the influence of the cryptos on the financial system and market of the state as well as transparency of the crypto market.

The work unit will be able to ask for advice, required information and cooperate with any organization, authority or individuals.

"They 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," reported Cointelegraph.

In addition, the task force will also prepare the list of the currencies and exchanges effective in the state, large investors as well as the report on the mining power consumption. It will have to make a “review of laws and regulations on the digital currency used by other states, the federal government, foreign countries, and foreign political and economic unions to regulate the marketplace.”

According to the news report, the final report is to be submitted to the governor, temporary president of the Senate, and the speaker of the assembly by December 2019.

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