Good or Bad - North Carolina Governor Signs Bitcoin Bill Into Law

[afoyemlad]

Signs Bitcoin Bill Into Law

North Carolina Governor Pat McCrory signed 16 bills into law today, one of which was House Bill 289, which expands the state’s Money Transmitters Act to cover activities related to bitcoin and other blockchain-based digital currencies.

Introduced in 2015, the passage of the law represents the fruition of more than a year of engagement between members of the US blockchain and digital currency industry and local regulators. Though the bill has not been without criticism, in interviews with CoinDesk, prominent advocacy groups largely voiced support for the measure as a step forward for the domestic industry.

Perianne Boring, president of the Chamber of Digital Commerce (CDC), one of the strongest advocates for the bill, sought to position the law as one that had "made history" by providing an alternative, legislative-based model to industry-specific rule-making.

Boring told CoinDesk:

"The fact that this went through the legislative process is a big step forward, the bill also adds more clarity than any other state by a long shot."

Boring said that the CDC’s membership, comprising stakeholders including IBM, Microsoft, RRE Ventures and Ripple, among others, was largely supportive of the bill, which codifies proposals first published in December by the North Carolina Office of the Commissioner of Banks.

"It is a business-friendly bill and gives better guidance to businesses," Boring continued.

Other members of the industry offered a comparably more measured take.

Jerry Brito, director of non-profit advocacy group Coin Center, for instance acknowledged that the bill provides clarity to industry businesses, while cautioning he does not believe it should serve as a model for other states to follow.

"It was a good compromise, but it’s by no means the best possible bill," Brito said.

He added that he believes it could have been better crafted to provide an onramp for startups and to more clearly define when a company is deemed to be in control of consumer funds.

For more information on the law, read the full text  http://www.ncleg.net/Applications/BillLookUp/LoadBillDocument.aspx?SessionCode=2015&DocNum=1327&SeqNum=0

Source:coindesk

http://media.coindesk.com/2016/07/north-carolina-law-600x370.jpg

[7788bitcoin]

I think this is a good news. By including bitcoin into law mean the government acknowledge the usefulness and the potential power (positive or negative) of bitcoin- this is one step closer to mainstream!

[yayayo]

I think this is a good news. By including bitcoin into law mean the government acknowledge the usefulness and the potential power (positive or negative) of bitcoin- this is one step closer to mainstream!

No it's not good news. Government simply want to exert power over something that's not its business. Bitcoin (= free decentralized money) needs no governance. The governmental KYC/AML and compliance terrorism is here to take away your freedom by spying on your financial activities in order to more efficiently extort an ever growing amount of dues and taxes the officialdom needs to continue its cancerous growth process.

The only profiteers from any "regulation" bill are 1) the government and 2) banks and financial corporations that can get rid of their innovative competitors, because those don't have the funds to pay the legal and administrative fees necessary for having the "privilege" of being "regulated".

ya.ya.yo!

[afoyemlad]

I think this is a good news. By including bitcoin into law mean the government acknowledge the usefulness and the potential power (positive or negative) of bitcoin- this is one step closer to mainstream!

No it's not good news. Government simply want to exert power over something that's not its business. Bitcoin (= free decentralized money) needs no governance. The governmental KYC/AML and compliance terrorism is here to take away your freedom by spying on your financial activities in order to more efficiently extort an ever growing amount of dues and taxes the officialdom needs to continue its cancerous growth process.

The only profiteers from any "regulation" bill are 1) the government and 2) banks and financial corporations that can get rid of their innovative competitors, because those don't have the funds to pay the legal and administrative fees necessary for having the "privilege" of being "regulated".

ya.ya.yo!

Don't you think it a step further for cryto to be generally accepted. Knowing well that it's decentralised and not centralized or do you think the government have the power and measures to control it?

[avikz]

government signing anything related to money will not have a good impact on its citizens. SO whoever lives in North Carolina, should start using VPN to access any bitcoin related activities in the internet.

start using TOR browser and paid multi city VPN before you get caught for earning bitcoin sitting at your home.

[The_Hamburglar]

I think this is a good news. By including bitcoin into law mean the government acknowledge the usefulness and the potential power (positive or negative) of bitcoin- this is one step closer to mainstream!

No it's not good news. Government simply want to exert power over something that's not its business. Bitcoin (= free decentralized money) needs no governance. The governmental KYC/AML and compliance terrorism is here to take away your freedom by spying on your financial activities in order to more efficiently extort an ever growing amount of dues and taxes the officialdom needs to continue its cancerous growth process.

The only profiteers from any "regulation" bill are 1) the government and 2) banks and financial corporations that can get rid of their innovative competitors, because those don't have the funds to pay the legal and administrative fees necessary for having the "privilege" of being "regulated".

ya.ya.yo!

Don't you think it a step further for cryto to be generally accepted.

Depends on Bitcoin's target demographic. If it's law-abiding, tax-paying matrons, regulation is a good thing. If it's edgy teenagers rugged individualists like ya.ya.yo, it's not.

[c789]

In an ideal world, a little govt regulation would be good. Unfortunately, we live in a world where politicians operate on different levels than we do, and they're pals with bankers. Bankers, for the most part, view BTC as a competitor. So, many politicians will attempt to regulate BTC to death. Given our current state of affairs, I view this as a bad thing, despite their proclaimed good intentions.

But there is still good news. One piece of good news is that several prominent politicians have stated their favor for BTC, such as Rand Paul and Ron Paul. Politicians who favor limited government are usually friendly to BTC. Politicians who favor powerful governments generally are enemies of BTC. Look at the state of NY. They were the first to pass restrictive cryptocurrency regulations. You can't even buy a 20oz soda in NYC, they are so big-government.

All that to say: vote for limited-government politicians if you want to help free, decentralized money exchange (BTC, XMR, etc.).

[carlisle1]

This would not become a solution for us bitcoin users I guess , maybe bitcoin will be accepted to some markets but it will not be good the reason is because of that law the government will have a control to bitcoin I think . Which is not necessary for us what the hell they are making a way to overpower and to have authority on bitcoin .

[Yakamoto]

I don't know explicitly what was signed into law and what was changed, but it is in a way good and also bad at the same time.

It's good because it allows for more businesses to start getting involved and potentially encourage more people to join into the Bitcoin economy, but at the same time any legislation infringes on the freedom of a decentralized currency, and is detrimental to everything.

[StoreBit]

that is such a good news if it is in realy. but i have never heard this news before. not from my firends and nor from some where else. mean on media. if it is a fact then it is very good for the bitcoin future. hope that very soon other countries will also follow them.