This one looks interesting; investing in bitcoin and other digital currencies is very risky, and so does thinking of setting up a graduate program that touches on the subject four months ahead.
However, this is what two academics from New York University Stern School of Business and Law School are thinking of doing. Law professor Geoffrey Miller and finance professor David Yermack are seeking to assist students look past the immense confusion, concern and interest that surrounds the currency to help determine its actual value and regulatory challenges.
The two have drafted a proposal titled “The Law and Business of Bitcoin and Other Cryptocurrencies”. It includes classes that will cover topics such as how to measure bitcoin’s trading activities, money laundering via the currency, and whether bitcoin is really a currency. This is after it was classified by the IRS as property, not a currency for taxation purposes. Users will be charged gain taxes if they use the bitcoin to purchase something.
However, Yermack said that the classes that will be taught in the fall will be vastly different from what is contained in the draft proposal. This is due to the wildly-fluctuating nature of the currency, legal battles and bankruptcy talks.
“We have no illusions that six months from now it’ll be the same set of issues,” Yermack was quoted by Mellissa Korn in her Wall Street Journal blog post.
Despite this, Yermack is of opinion that a few key topics will be relevant. He cited the use of bitcoin to analyze Milton Friedman’s orthodox monetary policy and the part that human judgement should have or can be in drafting policy.
To contact the reporter of this story; Deepak Tiwari at firstname.lastname@example.org