Bitcoin Receiving Backing from New York Finance Regulator Benjamin Lawsky

0
114
Bitcoin Receiving Backing from New York Finance Regulator Benjamin Lawsky
Bitcoin Receiving Backing from New York Finance Regulator Benjamin Lawsky

Bitcoin Receiving Backing from New York Finance Regulator Benjamin Lawsky

Though the week has brought in a shocking news for Bitcoin when Charlie Shrem, a stalwart in his own capacity was arrested on the charges of helping Silk Road, a den of illegal drug seller, it looks it may help Bitcoin to some extent. The latest is that Benjamin Lawsky, the superintendent of financial services in New York is quite positive about Bitcoin.

Benjamin Lawsky says that Bitcoin has reached a “tipping point” where its potential benefits outweigh the risks of illegal activity. He is the same guy who has been in news for his tough stance on money laundering. He recently wrung a $340m settlement from Standard Chartered. Lawsky has been often shown his interest towards Bitcoin.

When Bitcoin enthusiasts are still in shock after the US Department of Justice charged one of Bitcoin’s earliest and most flamboyant promoters, Charlie Shrem, Benjamin Lawsky’s statement may give some respite. The last year was quite happening for Bitcoin even when Silk Road seizure was a moment that everyone wants to forget, the new year seems to have brought several challenges for the virtual currency.

**relatedarticle**

Charlie Shrem who has been charged for helping funnel money to drug dealers and buyers on the underground website Silk Road, which was closed by the FBI last year, was an example for thousands of enthusiasts. His arrest has been a major setback for Bitcoin economy. However, there is not much impact of his arrest on the value of the digital currency.

Too Early to Say Anything as Two Kinds of Opinion Exist in Government on Bitcoin
On the other hand, Lawsky views that the arrest suggested that Bitcoin was moving into an era where law-abiding entrepreneurs were eager to abide by clear regulations on money laundering. He also hopes that Bitcoin is very much at a tipping point and is moving from an earlier phase when it was dominated by some individuals who were more interested in the illicit nature of it.

Now according to him the people in Bitcoin economy are reaching to the point where it is more mainstream and will start to realize a lot of the benefits of digital currency.
If Lawsky’s statement is compared with Richard Zabel, deputy US attorney for the southern district of New York, according to whom the ease of moving large sums of money with Bitcoin meant it “can be a magnet for criminality,” it looks there is no unanimity among the people in government.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com