Marco Santori

Divide over how much to regulate
7:28 pm
Wed July 16, 2014

NY Regulators will soon govern Bitcoin

Balloons bearing the bitcoin logo float above the floor at the Inside Bitcoins conference and trade show, Monday, April 7, 2014 in New York.
Credit AP Photo/Mark Lennihan

New York banking regulators are expected to release new rules this week governing Bitcoins and other virtual currencies.

Many think virtual currencies--sometimes called crypto-currencies--will soon revolutionize financial services, but until now they have been largely unregulated.

New York State is about step into this regulatory void. Within days, the Department of Financial Services will issue far-reaching rules focusing on three things: consumer protection, cyber security, and anti-money laundry rules.

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