The New York State Department of Financial Services has released a proposal for regulating the use of cryptocurrency. It is informally known as “Bitlicense”.Check it out here.The puoposal is currently in a “comment period”, where many individuals in the bitcoin industry, including Circle CEO Jeremy Allaire and Bobby Lee, founder of BTC China, have expressed their opinions; they have claimed it to be an innovation blocker.Many others, however, believe that this is a step towards legitimization for cryptocurrencies.One individual, Tone Vays, a Bitcoin Analyst and risk analysis veteran on Wall Street, and creator of LibertyLifeTrail has helped provided some new insight on Bitlicense.“I think the Bitcoin should get a chance and the benefit of the doubt to regulate itself in a free market as it is supposed to do.” says Tone.The question that Tone proposed is: What if these same regulations were imposed on the Internet in its infancy? Where would it be today? More importantly, where would we be today?To get a good idea, let’s hop on a time machine to 1994, the early days of the Internet. This is what it would look like if the New York “Department of Commerce and Telecommunications” released the “Intlicense.” Check out the full document here.The IntLicense was started by Tone Vays and had significant contributions by Julia Tourianski of Brave The World.
I'm a curious renaissance man that loves to teach and learn. I write a lot and I'm intrigued by cryptocurrencies.