A New York politician is unveiling what he says will be a one-of-a-kind task force designed to oversee and study cryptocurrency use in the state.
Governor Andrew Cuomo signed a bill last week called “The Digital Currency Study Bill,” according to a social media post from NY State Assemblymember Clyde Vanel.
The task force will comprise of industry investors, consumers and academics that will research patterns in cryptocurrency and issue reports on all things digital currency, cryptocurrency and blockchain.
“The technology that undergirds cryptocurrency, blockchain technology, can be used in countless applications in the public and private sectors to improve transparency and efficiency,” Vanel wrote. “In fact, our government should consider blockchain uses with elections, the recordation of vital records and real estate transactions; to name a few.”
Vanel said that the legislation is valuable in not just making sure that the state is ahead of the game when it comes to Bitcoin and other digital currencies, but to also protect New York residents from fraud.
Those not within the government in New York’s tech scene see it as a progressive move capitalizing on a trend and industry that is sure to become more prominent down the line.
“Cryptocurrencies and blockchain technology will, without a doubt, greatly impact finance and many other industries across the globe for years to come,” said Julie Samuels of the nonprofit Tech:NYC. “New York’s cryptocurrency task force – the first of its kind in the nation – shows how our state is leading the way in studying and understanding these technologies to ensure they can thrive in a responsible and effective way, further solidifying New York’s position as a global hub for smart innovation.”