Last month, New York Governor Andrew Cuomo signed the Digital Currency Study Bill, which created a cryptocurrency task force to study critical issues related to regulation and use of digital currency and blockchain technology. That task force is expected to issue its report by December 15, 2020, nearly two years from now.
The task force is expected to include a diverse group of participants, with a wide array of backgrounds: blockchain experts, members of academia, investors, technology experts, and consumers. Its mission will include researching how New York regulations impact digital currency and blockchain innovation, how local tax receipts are impacted by the use of digital currencies, and cryptocurrency market transparency concerns.
New York state assemblyman and Chair of the Subcommittee on Internet and New Technologies, Clyde Vanel this week took to Facebook to claim that his state is the first in the nation to create this kind of task force to study the emerging crypto space. According to Vanel,
“New York leads the country in finance. We will also lead in proper fintech regulation. The task force of experts will help us strike the balance between having a robust blockchain industry and cryptocurrency economic environment while at the same time protecting New York investors and consumers.”
Vanel’s post highlighted cryptocurrency’s potential for serving as a store of value, as well as its use as a medium of exchange for goods and services, recording transactions and contracts, and use as utility tokens. He also noted its potential benefits for use in the public sector:
“Even more interestingly, the technology that undergirds cryptocurrency, blockchain technology, can be used in countless applications in the public and private sectors to improve transparency and efficiency. In fact, our government should consider blockchain uses with elections, the recordation of vital records and real estate transactions; to name a few.”