Sunday, August 25, 2019

New York City Plans To Create Its Own Crypto Task Force

Since cryptocurrencies became a major development for the world’s finances, the tendency of having a certain group, which will study and regulate cryptos, became a necessary option for most countries.

New Force For New York

Now, Wall Street’s home city– New York, plans to do the same and create their own set of the crypto task force.

As posted on Facebook by Clyde Vanel– an Assembly Member for the 33rd District of the New York State Assembly, he revealed that the New York city government would soon form a New York City Crypto Task Force to balance and study more about the online currencies.

According to him, “the task force will be responsible for studying how to regulate, define and use cryptocurrency” for their citizens. This decision was made after Andrew Cuomo– the City Governor– signed “The Digital Currency Study Bill” as a law in the state.

Group of Financial Experts

As described by Vanel, the committee or the task force will be composed of officials from various departments in the state. These include technologists, consumers, institutional and retail investors, representatives of enterprises and academics.

Cuomo has the right to choose and appoint whom he wanted for the positions in the new committee. Still, the existence of financial experts in the said task force sounds to be a great idea for the market of crypto.

After the officials are designated to their positions, the cryptocurrency task force will be given an amount of time to discuss cryptos which will end on December 15, 2020– all proposals and recommendations must be finished within this time.

Related Article:  What is Bitcoin Cash (BCH)?

Robust Law Action And Protective Firm For Crypto

Vanel also expressed his pride in introducing the plan of New York by saying that the city is just right for having a crypto task force since New York was known for its financial district.

“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.”

Crypto Task Force Around the World

Cryptocurrency task force around the world was able to give the right treatment for the digital currency.

As a matter of fact, in India, the group of experts discussing crypto– which is similar to a crypto task force– gained an outstanding result from the government; outlining the option for cryptos in the country.

Now that New York learns to react and action for the crypto users, the world may increase its attention in the usage of crypto– which in return, will gain a remarkable year for cryptocurrencies.

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