Bit by bit - calls for bit licensing grow louder Hong Kong Phone Number List in the wake of global cyberattack Published: 2021-08-09 Netanella Treistman of Israeli law firm Yigal Arnon & Co. examines the growing pressure on Hong Kong Phone Number List governments around the world to issue Bitcoin licenses to manage cryptocurrency-related issues Earlier this month, hackers launched a global cyber attack that reportedly hit more than 150 countries, including public and healthcare systems and personal computers. The attackers demanded payment Hong Kong Phone Number List in Bitcoin to unlock the computer and return the data. Bitcoin is an unconventional, decentralized cryptocurrency based on open source software, invented by Satoshi Nakamoto in 2009.
All Bitcoin transactions are stored Hong Kong Phone Number List on the blockchain, a distributed ledger and record keeping system. In mid-May 2017, Bitcoin’s market cap was around $28 billion. Bitcoin payments are considered a transparent and neutral payment method with low transaction fees and can be used anywhere (where the internet is Hong Kong Phone Number List available) without revealing the identity of one party. On the other hand, some of the advantages of blockchain can also be seen as challenges, especially those Hong Kong Phone Number List related to digital identity, privacy and cybersecurity. Furthermore, the market value of Bitcoin is very volatile and can lead to significant financial risks.
This raises the question, should the Hong Kong Phone Number List use of Bitcoin be regulated, and if so, to what extent? Some governments require licenses for digital currency activities, while others are considering doing so in order to manage the aforementioned cryptocurrency-related issues. For example, in New York, virtual currency is Hong Kong Phone Number List considered a commodity and individuals can open online bitcoin accounts, but New York State requires businesses engaged in virtual currency activities to have a place of business in New York or provide services to people located in New York to obtain a license for digital currency activities Hong Kong Phone Number List certificate (bitlicense). The Bit License was introduced in 2015 by the New York State Department of Financial Services (NYDFS), which some see as controversial.