Monday, November 18, 2013

CRACKDOWN: New York State Considers Licensing Bitcoin Traders

The Verge reports:
On Friday, the New York State Department of Financial Services announced it will be holding a public hearing on virtual currency regulation, specifically considering whether a certification called "BitLicense" might help manage the spread of online currencies like Bitcoin. The new license would require consumer protection services, as well as anti-money laundering requirements, designed to make the currency less useful in cases of fraud and criminal activity.[...]the Department of Finance put it, "it is in the long-term interest of the virtual currency industry to put in place appropriate guardrails that protect consumers, root out illegal activity, and safeguard our national security."
Goodbye anonymizing  programs, as I have warned before, they are going to be ruled money laundering tools and banned. Bitcoin is going to end up the most trackable financial instrument ever---which will make it pretty useless/

Current Bitcoin price: $589.00


  1. Trackable currency is something they want.

  2. The effort would be comical if it were not indicative of panic.

  3. To protect the bankers from competition, no doubt. People be damned.