BitLicense Licensing Backlog Creates Bitcoin Stagnation in New York State

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New York is a great place for tourism, but not so much for entrepreneurs running a Bitcoin business. Things have gotten progressively worse since the BitLicense was introduced. As it turns out, the licensing process for BitLicense has been clogged up, and Bitcoin innovation has come to a halt in the stat.e not entirely surprising, as regulation following traditional guidelines is not the best course of action for Bitcoin.

When the state of New York introduced BitLicense, there was a genuine feeling of dismay among Bitcoin community members. Forcing companies to obtain a license so they can continue Bitcoin operations seemed a step too far. But at that time, Benjamin Lawsky was confident it was the right course of action. Most companies had different ideas, though and halted services in the state rather quickly.

BitLicense Fails To Deliver On its Promise

Fast forward to today and the whole licensing ordeal turned into a big mess. Benjamin Lawsky excited the NYDFS position shortly after bitLicense was introduced, which infuriated, even more, people. So far, the number of companies successfully receiving their license can be counted on the digits of one hand. The way things look right now, that number

Read more ... source: NewsBTC USA

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