NY state says entities involved in Bitcoin-related software development don't need BitLicense

  1. Bitcoin software developers, whether individuals or companies, can operate in New York without any license, while banks and other financial institutions will require regulation, according to state Superintendent of Financial Services Benjamin Lawsky.

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  2. Kibaruk

    Kibaruk TechSpot Paladin Posts: 2,432   +473

    It makes sense, as with any type of currency it should be regulated.
  3. cliffordcooley

    cliffordcooley TS Guardian Fighter Posts: 8,430   +2,822

    So the only time Bitcoin should be even remotely be trusted, is when banking systems do start providing virtual currency services for Bitcoin.
  4. wastedkill

    wastedkill TS Evangelist Posts: 1,373   +310

    Cool I might start requiring licenses for converting oxygen to carbon dioxide, seriously now is this what it comes to? Making like a big bad boy requiring people to cough up money and requirements to a product/service you dont own and have zero ties to what so ever.... Bloody greedy that is next it really will be the government requiring anyone converting oxygen to carbon dioxide in any means.
  5. AnonymousSurfer

    AnonymousSurfer TS Guru Posts: 451   +37

    I'm glad they retracted their decision to require people to have licenses. It was a stupid idea which if enforced would limit the amount of businesses using it which in turn would limit the amount of users from investing in it.
  6. Kibaruk

    Kibaruk TechSpot Paladin Posts: 2,432   +473

    Yes, since dollars are also regulated and licensed there are a small amount of businesses that use and invest on them.

    Yes, since I'll be troll patenting "oxygen" and "breathing" you stop doing it or pay me loads'o'cash, all the other techspoter continue normally.
  7. h4expo

    h4expo TS Enthusiast Posts: 43

    But wasn't bit-coin specifically designed to NOT have any regulating body or central control over it? Or rather to be self regulating? Besides if governments make it difficult or costly to circulate bit-coin legitimately it will simply remain an illegitimate currency reserved for black-market and criminal organizations.

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