As Cryptocurrencies become more of an accepted factor within today’s economies, governmental agencies have to think up ways to incorporate them into society in a safe and effective manner. The state of New York has apparently come up with a new way to help and protect its citizens from any possible harmful effects or secondary ramifications that Cryptocurrencies and its associated technologies could have by establishing a Cryptocurrency team.
The Implications Of The Team
New York’s local government is in the process of establishing information that could be the future framework that will lead to mass adoption of cryptocurrencies by states across the United States. Or possibly across the globe. The possible creation of this task force is a definite sign to the global economy that Cryptocurrencies are no longer a fad or unique only to certain sectors of the population, but that they are applicable to all people and businesses.
More Info On The Team
This team, which may be established by the New York State Assembly, has been issued with the directive to investigate the various Cryptocurrency startups and firms using technologies linked with Cryptocurrencies such as Blockchain. The team will consist of nine professionals, and they will have up to the beginning of December 2019 to undergo a thorough investigation, and then showcase their results to the assembly in December of 2019.
The inclusion of the Cryptocurrency investigations is an evident sign to the markets that many within the legal and governmental systems believe that Cryptocurrencies will play a crucial role within all financial legislation in the future. This is in contrast to many of the high-profile individuals who are certain that the Cryptocurrency markets will self-combust any day now, but that day has yet to come.
The Questions They Will Have To Answer
The team will be tasked with answering a variety of questions, such as exactly how many Cryptocurrency-based exchanges and firms are within the state of New York and what portion of the total market do those businesses hold. Other questions include how many different types of Cryptocurrencies are there available on the market now, in addition how are they ranked according to trading volume. Moreover, the government is obviously interested in taxation implications, and the team will be required to look into the impact of Cryptocurrencies on local and nationwide taxation.
Other possible areas include questions related to the total amount of power from the grid required for mining operations, the possibility of price manipulation within Cryptocurrency markets will also be investigated as well the laws surrounding Cryptocurrencies across the USA. The team will also be directed to propose ways to enhance the security of consumers while on these Cryptocurrency exchanges.
Recently, Robert Shriller a Nobel Prize holder for economics declared the interest in Cryptocurrencies to be akin to the interest that people had in passing trends; however with the amount of money governments are putting into investigating Cryptocurrencies one has to wonder as to the validity of that claim. As it is the state of New York has already sent out a questionnaire to multiple of the leading Cryptocurrency exchanges, including Coinbase and Gemini, so that they may learn more of the industry and its operations. All in all, it’s looking as if Cryptocurrencies are in for the long haul, especially if they are going to be included in the legislation.