• A new law dubbed the “DIGITAL CURRENCY STUDY BILL” has been Signed by NYS Governor, Senate & Assembly.
• The government wants to explore various use cases of the Blockchain technology and Cryptocurrencies
• Report submission scheduled at December 15th 2020.

Blockchain technology is still young. Various nations are keen on experimenting with the vast use cases the budding technology provides. Taking its first big step towards adaption of the Blockchain technology the New York state assembly led by State Governor “Andrew Cuomo”, signed the “DIGITAL CRYPTOCURRENCY STUDY BILL.” becoming the first state to do so.

Exploring the space

According to the bill the crypto task force is supposed to provide detailed information about the widespread use of various Cryptocurrencies and the Blockchain technology to the Governor and the legislature. The members of the task force will include Stakeholders like technologists, consumers, institutional and small investors, large and small Blockchain enterprises and academics.

On Wednesday 2nd January 2019, State assembly man “Clyde Vanel” posted his press release via facebook stating that his state became the first in U.S to create a task force that is dedicated solely to studying the uses of the Blockchain technology and the various Cryptocurrencies that revolve around it. Vanel is also the chairman of the “Subcommittee on internet and new technology” said that the task force has been authorized by “Assembly Bill A8783B/S9013”. The bill was later signed on 21st December 2018 by Governor Andrew Cuomo.

A long road ahead

In his facebook post Vanel talks about how the technology is still in its “infancy”. The Bitcoin White paper was published just ten years ago and it has only been four years since the implementation of the licence. Vanel stated that “In the Cryptocurrency space and technology in general, a few months is equivalent to years.” He further states that New York leads the world in finance and will also lead the world in fintech regulation. He explains that the task force will provide a sense of balance between having a robust Blockchain industry and Cryptocurrency economic environment and also in the mean time protecting the investors and the consumers.

Julie Samuels, Executive director of tech NYC stated that Cryptocurrencies and Blockchain technology will impact the finance and many other industries in the future but New York became the first of it’s kind in the country to study these technologies to ensure that they can thrive in a responsible and effective way solidifying New York’s position as a global hub for smart innovations.

NYS Assemblyman Ron Kim thanked Clyde Vanel in a post stating :

“I want to thank my friend and colleague Assemblyman Clyde Vanel for working hard and creating this taskforce to examine how we need to improve the way we view and embrace Cryptocurrency and Blockchain technology in New York. I look forward to working with him and others to bring in the next chapter of decentralization, which can help build more resilient local economies.”