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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