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News Link • Bitcoin

Reflections on the NYDFS Bitcoin Proposal and the Right of Privacy

• http://moneyandstate.com, Erik Voorhees

Today, as human society progresses onward, Coinmap broke 5,000 global business listings, South African payment processor Payfast enabled their 30,000 merchants to accept Bitcoin, and the NY Dept. of Financial Services made financial privacy a crime, supported (at least superficially) by some leaders in the Bitcoin industry.

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The proposed digital currency regulation from Benjamin Lawsky, the Superintendent of 20 million/6 billion people's financial decisions, has been on the horizon for months. New York is known for dictating how people live, and so as more people are incorporating Bitcoin into their lives, New York bureaucrats would inevitably attempt to place it under surveillance and control (with the best intentions, naturally).

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