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New York Regulator Asks for Regulated Bitcoin Exchanges

published Mar. 17, 2014

New York Regulator Asks for Regulated Bitcoin Exchanges
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The filing for bankruptcy by the Bitcoin exchange Mt Gox has led to a call by New York’s financial regulator for the regulation of exchanges for Bitcoin and other digital currencies, stating consumer protection and the prevention of money laundering as the reasons for the potential move. Bitcoins, although becoming more popular and more widely accepted are still not regulated in any way, which led Benjamin Lawsky, New York’s superintendent of financial services to say, "The fact is that virtual currencies are unlikely to disappear entirely, as such, turning a blind eye and failing to put in place guardrails for virtual currency firms while consumers use that product is simply not a tenable strategy for regulators."

There are still many concerns due to the fact that the currency is not regulated in any way, with anonymous transactions being impossible to track leading to fears of illegal activity, and tax evasion. Many countries are refusing to deal with the currency or accept it as a valid form of money, with Chinese banks not allowed to deal with it and Russia stating that it is illegal. Bitcoin has started to take off in the world of online gaming, and the new BitBet Casino is an example of how the currency is working well in the industry allowing players to transfer funds swiftly and simply, however mainstream companies have yet to fully embrace it, and may not do that until some sort of regulatory body is established, however for many Bitcoin users that defeats the purpose of the virtual currency.

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