The state of New York has formed a cryptocurrency task force in a bid to improve oversight of virtual currencies.

The task force will include technologists, consumers, investors, blockchain companies, academics, among others. The members will be recruited by the governor, Senate, and Assembly.

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The team will assess various aspects of the crypto space such as energy cost of mining cryptocurrencies as well as their effect on the tax system.

New York state assemblyman Clyde Vanel: “New York leads the country in finance. We will also lead in proper Fintech regulation.

“The task force of experts will help us strike the balance between having a robust blockchain industry and cryptocurrency economic environment while at the same time protecting New York investors and consumers.”

The first reports of the task force are expected to be submitted on 15 December 2020.

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The formation of the task force marks the latest effort by New York to monitor the cryptocurrency sector. Previously, it developed the BitLicense to prevent misconduct on crypto exchanges.

The New York State Department of Financial Services (DFS) already granted fourteen virtual currency licences. New York Digital Investment Group (NYDIG) Execution, Coinsource, BitPay, Square, Xapo are among the companies to secure the cryptocurrency licence.