by NotQuant, SilverBearCafe.com:
The news that New York State’s top financial regulator has announced the first-ever set of regulations for firms doing business in the BitCoin space shows just how deep the government misunderstanding of BitCoin goes.
On Thursday, Benjamin M. Lawsky, the superintendent of financial services, announced proposed regulations for virtual currency companies operating in New York. The “BitLicense” plan, which includes rules on consumer protection, the prevention of money laundering and cybersecurity, is the first proposal by a state to create guidelines specifically for virtual currency.
Let’s touch on something the media seems unable to mention in all of it’s countless articles on BitCoin: BitCoin at it’s philosophical core, is anti-government, anti-bank and anti-regulation. Attempts to regulate, limit or control it fly directly in the face of the very rationale for its existence – and fly in the face of the motivation of it’s supporters.
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