New York Assemblyman Proposes Digital Currency Task Force

A few new bills have been proposed by New York state officials concerning the implications of blockchain technology and cryptocurrencies. One of the bills sponsored by the democratic assemblyman Clyde Vanel called bill AO8783 aims to create a “digital currency task force” that plans to monitor the “widespread implementation of digital currencies on financial markets in the state.”

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New York Officials Want to Create a Cryptocurrency Task Force That Studies the Implications of Digital Assets Within the State’s Economy

New York Assemblyman Proposes Digital Currency Task ForceU.S. government officials are ramping up their efforts to regulate the cryptocurrency and blockchain economy as many bureaucrats are proposing bills for the upcoming new year. Last week Democratic assemblyman, Clyde Vanel, introduced four new bills for the state of New York that apply to these emerging technologies. One of them being a cryptocurrency task force that will provide the Governor with information on the potential widespread effects of digital assets.

According to bill AO8783, the task force members will be comprised of members appointed by the Senate president, the Governor, the assembly speaker, and other government agencies from New York. The bill explains the proposed legislation’s goals in the summary which states;

The task force shall examine and evaluate digital currencies within the state — identify the potential effects of the widespread implementation of digital currencies on financial markets — review the impact of the department’s Bitlicense program on the use of digital currencies, and make recommendations to further utilize digital currencies within the state.

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