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The authorities of New York will study the impact of crypto currency on financial markets

For this purpose, a special working group can be created.

05.Jun.18 6:30 AM
By Shawn Highstraw


The authorities of New York will study the impact of crypto currency on financial markets
In New York, the possibility of forming a working group to study the effects of digital currencies on financial markets is being discussed. This initiative has already been supported by the State Duma's Banking Committee. It is assumed that timely consideration of this issue will reduce the risks arising from the active use of crypto currency.

It is worth noting that the regulators of many countries are rather wary of virtual money. Experts pay attention to the volatility of the same bitcoin, because of which they do not recommend to perceive it as a reliable tool for preserving capital. According to the authorities, digital currencies carry risks not only for investors but also for states as a whole, as they are used by criminals to launder money and even finance terrorism. For this reason, governments are keen to explore in detail the problems that may arise as the crypto-currency market develops further.

The working group in New York will prepare a report on the transparency of transactions with virtual currencies, as well as the situation with tax payments from these transactions. Other issues of importance to the industry and the financial markets of the state will be considered. Also, experts will be instructed to find out the number of crypto-currencies and exchanges in New York.

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