Legality is a complicated issue for cryptology. For, despite the progress made in recent years, crypto currencies are still viewed with suspicion by governments around the world. They see their monopoly on monetary policy threatened, thus trying to prevent the emergence of rival currencies. Something that has not prevented the news from being released that Bitcoin is now legal in New York along with other cryptoactives, as Elliptic reported in the day’s Tweet:
Bitcoin about to catch up with PayPal
New York’s approval
Even though crypto-money aims to replace fiat money worldwide. The truth is that it is difficult to achieve massification in their use, and allow currencies like Bitcoin to be used to pay for goods and services, if there are no clear rules of the game in our countries about how cryptoactives should work.
Thus, achieving a modern regulation on crypto currencies is one of the highest priorities of the crypto community. It constantly seeks government approval for the use of cryptoactives. Something that finally seems to be happening in New York, where the New York State Department of Financial Services, has approved that New York banks guard and operate several crypto currencies.
Thanks to this, not only can Bitcoin System be deposited in the New York banks that decide to offer this service. This authorization also includes Ethereum, Bitcoin Cash, Gemini Dollar, Binance USD, Ethereum Classic, Litecoin, Pax Gold, Paxos Standard and Ripple. All of which may also be listed for trading except for Ethereum Classic and Ripple.
„On August 3rd NYDFS launched its green list of crypto currencies with approved licenses to be listed and traded“.
These licenses granted by the New York government would be one of the most important steps in the history of cryptomoney. They would allow dozens of crypto assets to be used legally by financial institutions that choose to do so in New York. Opening up a huge potential market for crypto users.