The experts must prepare, before the last month of 2020, a detailed report to the Governor about their investigations

On January 2nd, a member of the US Legislative Assembly, announced, on his official Facebook account, that the state of New York will have a group of experts on blockchain technology, responsible for investigating the proper use of cryptocurrencies.

The group of specialists will consist of nine people who have a different vision of each aspect, related to the subject of cryptocurrencies and blockchain. There are consumers, technicians, investors and entrepreneurs. Its main task will be to inform the Governor and the State Legislature about the use of these cryptoactives in the economy and investigate the movements of other types of cryptocurrencies in the Big Apple.

It is worth noting that, on December 21st, the New York State Legislature passed a law that includes, in some way, these technologies in which to make the state economic. This law was proposed by the current Governor of the state, Andrew Cuomo. Therefore, this group of specialists will have to prepare a high report on their research before December 15th, 2020; according to the regulations of said law.

One of the members of the Legislative Assembly, Clyde Vanel, who is also Chairman of the Internet and New Technologies subcommittee, announced that New York will be the first state to form a group of this nature and that, in addition, it is the one that is going to investigate the potential use of blockchain technology in the economy, will also be responsible for developing a possible legal framework to guide the state, in order to regulate and control its use in the future.

“New York leads the country in finance. We will also lead in the correct fintech regulation. The expert working group will help us to find the balance between having a robust blockchain industry and a cryptocurrency economic environment, whilst protecting investors and consumers in New York”, Vanel concluded.

In addition, Vanel explained that the use of this technology is not only to achieve a purely commercial good of payment transactions with cryptocurrencies for goods and services, but this technology can be used as a means to register contracts, other transactions and movements. He commented that cryptocurrency tokens can store vital information for the study of social behavior on the Internet. “You can register or store information; from how long someone navigates through a website to rewarding behaviors”, he said.

New York is not the only one in the United States in which a group has been formed to investigate blockchain technology. In the state of Connecticut, the Governor, Dannel Malloy, signed, last June of 2018, the law SB 443, in which a working group was formed with the purpose of investigating the cryptocurrencie’s impact in the economy and its possible commercial advantage, as well as its possible use in robberies and scams, in order to avoid them. This is another benefit and a way to achieve a faster development for this country.

By María Rodríguez


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