Arab Today, arab today new york eyes tougher control on virtual currencies
Last Updated : GMT 14:31:23
Arab Today, arab today
Arab Today, arab today

New York eyes tougher control on virtual currencies

Arab Today, arab today

Arab Today, arab today New York eyes tougher control on virtual currencies

New Yourk - XINHUA

New York's Department of Financial Services on Tuesday uncovered more details about tightening control over virtual currencies like bitcoin, as money laundering and terrorist financing accusations as well as computer hacking haunt the young market. New measures that will be adopted include consumer disclosure rules, capital requirements and a framework for permissible investments with consumer money, said Benjamin Lawsky, director of the department, in a speech at the New America Foundation in Washington. "Our objective is to provide appropriate guard rails to protect consumers and root out money laundering without stifling beneficial innovation," said Lawsky, adding that New York welcomes "those who want to do this the right way." "The really tricky question for regulators is how we structure those types of rules in light of the fact that the funds these firms hold are not denominated in dollars or other forms of traditional fiat currencies," Lawsky said. He hoped that his department could release the regulations in this spring or summer, noting that the supervising body would seek public comment once it had published the plan. Also on Tuesday, Canada said it would carry out tougher rules on money laundering and terrorist financing to closely monitor the use of virtual currencies. Bitcoin, a form of digital e-money stored in a virtual wallet, bypasses banks, allowing users to remain anonymous for online and offline purchases. It has been heating up around the world since it was created by Satoshi Nakamoto in 2008, but the nascent industry has been deeply disturbed by problems and turbulence recently. It is difficult for police to obtain the password to the virtual wallet for Bitcoin storage, and users' identities are also hard to trace on websites which serve as platforms for those illegal trades such as deals of drug, weapon and other services. Furthermore, Bitcoin uses cryptography to control transactions between the users and therefore the process is independent from banks or financial institutions. On Tuesday, the Bitcoin Foundation confirmed in a statement that unknown computer hackers had launched "denial-of-service" attack to the program that runs the virtual currency, forcing the two bitcoin exchanges, Bitstamp and Mt. Gox, to temporarily halt withdrawals by customers. On Sunday, Swedish media revealed that Bitcoin has become a common medium of exchange in illegal drug deals in Sweden. It was used in at least six transactions in Sweden last year by drug dealers. The price of bitcoin took a nosedive in past months, with prices varying dramatically from one exchange to another. It was quoted at 645 dollars per coin on Bitstamp's exchange, down 6 percent on Tuesday.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today new york eyes tougher control on virtual currencies Arab Today, arab today new york eyes tougher control on virtual currencies

 



Arab Today, arab today
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 16:01 2017 Wednesday ,22 February

Tadawul edges down 0.2%

GMT 13:22 2017 Wednesday ,22 February

Canadian stock market closes at record high

GMT 11:50 2017 Wednesday ,22 February

Most Asia markets up as Hong Kong rebounds

GMT 20:52 2017 Tuesday ,21 February

Asia stocks consolidate recent gains; China shines

GMT 10:37 2017 Tuesday ,21 February

Most Asia markets up as rally presses ahead

GMT 05:34 2017 Tuesday ,21 February

7 firms to list on 2nd Saudi stock board

GMT 19:53 2017 Monday ,20 February

Large stocks fall pushing down Nairobi bourse
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday