Section 200.8(b) - Permissible Investments

pmlaw / BitLicense

This is a public version of New York's proposed BitLicense for digital currencies including bitcoin.

Apache License 2.0

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Section 200.8(b) - Permissible Investments #5

Open pmlaw opened 10 years ago

pmlaw commented 10 years ago

Permissible investments should include bitcoin and other digital currency.

LaurentMT commented 10 years ago

This section is really problematic. European startups working with NY customers must comply to the license but are forbidden to invest their earnings in Euro (european legal currency).

bg002h commented 10 years ago

My understanding is that this requirement means a VCB taking dollar deposits can't sell the deposits for speculating on investment's of any sort (ie, it requires deposits to be held essentially in dollar equivalents).

Am I reading it wrong? I got the impression was to have 100% backing of all deposits ($ & ฿) in kind?

What VCB do with their profits is not addressed...right?