The final BitLicence framework for regulating digital currency firms was announced on 3rd June 2015, during Ben Lawskys’ final speech as Superintendent of the New York Department of Financial Services he. Development of the controversial licence gave Lawsky an insight into digital currency technology, and appears to have affected his view on the financial system.
“In a world where information travels around the globe in a matter of milliseconds it can often take days to transfer that money to a friend’s bank account. In an age of smart phones and on demand technology we still have a disco era payment system.”
– Ben Lawsky, at the BITS Emerging Payments Forum
During his speech Lawsky went on to say that payment systems need to change. In the internet era people expect instantaneous results, something our payment systems can’t achieve. “Just think how mad we get when our netflix buffers even for just a few minutes. Soon this standard will apply to our car payments or sending money to a friend, that’s what your consumers will expect.”
The controversial BitLicence has proponents on both sides. In an exclusive interview with BraveNewCoin the President of the Bitcoin Association, Greg Simon, expressed his view that oversight was inevitable, “I knew Bitcoin was going to be regulated, it was quite obvious. You couldn’t have companies and consumers exposed to risk without some sort of regulatory control.”
Simon is a founding member of a rewards program which launched in late 2014 and has a vested interest in the NY regulatory scene. Simon’s company, Ribbit.me, are soon to move their Head Quarters to New York.
“Rewards programmes are popular all around the world. Rewards are not viewed as currency and therefore a reward that we earn which is built on a blockchain platform,
Originally appeared at: http://bravenewcoin.com/news/greg-simon-president-of-the-bitcoin-association-on-bitlicense/
Greg Simon President of the Bitcoin Association on BitLicense is a story from: BitcoinWarrior.net