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Author Topic: PlayerAuctions, Virtual Currencies & Trends in NY Regulation  (Read 635 times)
PlayerAuctions
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January 29, 2014, 04:36:59 AM
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Read up guys, and post your comments. If any of you would be interested in contributing a guest article, please get in touch.

http://hub.playerauctions.com/trends-in-virtual-currencies-btc-in-new-york/

Cheers,
jake
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January 29, 2014, 04:39:39 AM
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Just to add content to a blogspam post, copied text here.

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There are few places as important to global finance as New York City, and as a corollary, there are few places more important to Bitcoin as New York City. Alex Waters Co-founder of CoinApex, a Bitcoin incubator tells us more.

Since the early days of the crypto-currency the city has been a hub for innovation and some of the most interesting companies in the space are located here. On New Years, Texas Congressman Steve Stockman announced that he would be accepting bitcoin for his Senate campaign at the NYC Bitcoin Center, right across the street from the New York Stock Exchange. Major media outlets based in New York, like Bloomberg News, have covered the thriving community that regularly meets to collaborate and innovate.

Until recently, however, this innovation existed with neither the support, nor the condemnation of the state’s regulators – but this is changing.
In the following weeks, the head of New York’s Department of Financial Services, Superintendent Ben Lawsky, will be holding hearings to determine whether the state should issue a digital currency license, which would provide regulatory certainty to an industry in need of it.

There are a host of companies that can benefit from the technological advances and network power of digital currencies. In addition to being a superior form of payment processing with lower fees, Bitcoin enables the seamless transfer of money between individuals.

States like New York recognize the potential that these technologies have for attracting business into their economies. This positive attitude towards innovation helped paved the way for large, institutional actors like the Sacramento Kings and Overstock.com to accept bitcoin.



NY Regulator Considers “Bit license”
  We see this trend continuing and think it is incumbent upon all of us interested in seeing this flourish to reach out and support companies that work within the space. By showing elected officials and regulators that there is a strong demand for this kind of potential, it will go a long way to crafting sensible regulations.
The shutdown of the Silk Road drug market place was paradoxically one of the boons to Bitcoin last year. It demonstrated to officials like Senator Chuck Schumer, that law enforcement could deal with digital currency just as it deals with regular currency. Just as the government does not prevent us from using cash simply because it can be used to facilitate illegal activity, it does not want to stifle Bitcoin simply because there are a few actors breaking the law.Senator Schumer has become more positive on Bitcoin and we see this as an encouraging sign. Having public documentation of all transactions actually increases transparency and makes it easier for law enforcement to do their job.

Just as the government does not prevent us from using cash simply because it can be used to facilitate illegal activity, it does not want to stifle Bitcoin simply because there are a few actors breaking the law.
And so it was not surprising that Congress gave a nod towards Bitcoin with its Senate hearings, and now with Superintendent Lawsky contemplating a BitLicense, the stage is set for rapid development in New York.

Silicon Alley is the name many have given for the burgeoning tech scene in New York. Without a doubt it is a positive for the city that a new legion of Bitcoin companies will be joining this scene.


1Kz25jm6pjNTaz8bFezEYUeBYfEtpjuKRG | PGP: B5797C4F

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PlayerAuctions
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January 29, 2014, 05:32:19 AM
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Thanks Badbear, I wasn't sure if syndicating it here would be okay, so just the link.
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