News Column

New Yorkers to get Bitcoin

February 2, 2014

The world's largest financial centre is about to embrace Bitcoin. The New York Finance Department has decided it should regulate the controversial virtual currency as it begins to take a hold among many businesses. The NYFD will establish rules to ensure the virtual currency enters the city in a measure which will allow the city to continue to be amenable to innovation and a new technology. New York has already proposed the imposition of a Bitcoin licence to cut back the likelihood of money laundering. Bitcoins have surged in value over the past 12 months even though they are not regulated by a central bank. Up to now, Bitcoins have been famous for attracting money launderers and people who engage in illegal practices, including the sale of drugs and terrorism funding.

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Source: Big News Network (United Arab Emirates)

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