The state of New York is encouraging businesses to submit proposals to set up regulated 'exchanges' for virtual currencies such as Bitcoin. Our favorite quote of the article comes from Benjamin Lawsky, New York's superintendent of financial services. "The fact is that virtual currencies are unlikely to disappear entirely...The recent problems at Mt Gox and other firms further demonstrate the urgent need for stronger oversight of virtual currency exchanges...As such, turning a blind eye and failing to put in place guardrails for virtual currency firms while consumers use that product is simply not a tenable strategy for regulators."
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