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New York first state to propose regulations for virtual currency

Posted on 18 July 2014

New York became the first U.S. state on Thursday proposed establishing rules for firms involved in receiving, transmitting and storing virtual currency. The proposal by the Department of Financial Services would establish a so-called BitLicense.
Merchants and consumers who use the virtual currency such as Bitcoin solely to buy and sell goods and services wouldn’t need a license. However, those buying and selling virtual currency as a business would………………………………………..Full Article: Source


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