Skip to comments.New York lawmakers bite hard on Bitcoin: why that's good for investors (+video)
Posted on 01/30/2014 8:30:27 AM PST by Errant
As two days of hearings on the future of digital currencies think Bitcoin wrapped up Wednesday in the New York State Legislature, fans of the cyber-cash were getting both bad and good news.
Supporters who are drawn to Bitcoin because it largely functions outside governmental control may have been dismayed at the attempt to corral the currency inside state guidelines for the handling of money.
But, at the same time, say experts, the simple act of enacting regulations bestows the legitimacy the digital currency needs to become widely used.
Most of the folks in this market who are not anti-establishment or fringe elements understand whats necessary for this market to grow, says Kevin McIntyre, an economics professor at McDaniel College in Westminster, Md., who specializes in the study of virtual currency. And for virtual currency to have a future, some level of oversight and the cache and legitimacy that come with that is necessary.
(Excerpt) Read more at csmonitor.com ...