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Author Topic: New York Plans to Introduce "BitLicense" to Make Bitcoin Legal Tender  (Read 1037 times)
MicroGuy
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January 29, 2014, 01:42:50 AM
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New York plans to create regulations that will guide virtual currency firms that operate in the state, possibly requiring them to hold a “BitLicense,” the state’s top banking regulator said Tuesday, one day after a major arrest in the bitcoin universe.

Benjamin Lawsky, New York’s Superintendent of Financial Services, said such regulatory guidelines would seek to bar misconduct like money laundering while not cornering in booming cryptocurrency technology. His comments came during the start of hearings this week - organized by the New York Department of Financial Services - on the future of online currencies.

Read More: http://rt.com/usa/bitcoin-regulations-new-york-320/

"The Internet unshackled information, Satoshi Nakamoto unshackled money. And money makes the world go round."
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DeathAndTaxes
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January 29, 2014, 01:46:26 AM
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Why did you change the title from one which was correct to one which was total nonsense?

The article has nothing to do with legal tender.
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January 29, 2014, 01:47:49 AM
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"Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation."

Source: http://en.wikipedia.org/wiki/Legal_tender

"The Internet unshackled information, Satoshi Nakamoto unshackled money. And money makes the world go round."
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January 29, 2014, 01:50:26 AM
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"Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation."

Source: http://en.wikipedia.org/wiki/Legal_tender

Which has nothing to do with the article.  NY has no plans to make Bitcoin legal tender and baring a war of revolution has no such authority to do so.  It is legal to accept the Euro for payment of goods and services in NY (or just about anywhere in the world).  The Euro is not legal tender in NY (or anywhere in the United States). Making something legal, or regulating the exchange of it, doesn't make it legal tender. NY also regulates the exchanging of dollars into alcoholic beverages.  Is alcohol also legal tender in NY?

See Coinage Act of 1965 (Section 31 U.S.C. 5103).
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January 29, 2014, 02:52:05 AM
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Also, read the article. No less than a paragraph or two down, the quotes from the NY regulatory official say "plan to explore options for licensing"

In other words, this is no more news than when it was first reported about 6ish months ago. Slow news day, I guess

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January 29, 2014, 03:09:20 AM
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Legal tender laws are in place at the federal level anyway.  I believe the most relevant section of U.S. Code for this is Title 18 Section 489. 
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