NY assembly may set up 'digital currency task force'

02 Jun, 2018
by Salahuddin Uqaili
News
NY assembly may set up 'digital currency task force'

A bill written to establish a cryptocurrency and digital asset task force was voted upon by the banks committee of the New York State Assembly on May 30, 2018.

If passed by the state legislature, the bill would create a nine member task force to prepare a report on the effect current regulations have had on the adoption of virtual assets such as cryptocurrencies and the blockchain industry in general.

The task force will be responsible for collecting data on the number of cryptocurrency traders there are in New York and the overall transparency of the marketplace for digital assets. Significantly, the task force’s report will also cover the energy consumption of cryptocurrency mining in the state. This news follows that of North American regulators collaborating to tackle fraud in the booming cryptocurrency market.

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