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State regulators form Emerging Payments task force to study Bitcoin, virtual currencies.

Washington, Feb. 24 ( ANI ): A group of nine state regulators have reportedly formed the Emerging Payments task force to study virtual currencies such as Bitcoin.

The task force has been assigned with the responsibility of learning how new entrants and technologies affect the stability of payment systems and the broader financial marketplace.

According to the Verge, the move has been met with support with Senator Tom Carper (D-DE) calling the task force an "important step" toward protecting existing financial institutions from unregulated currencies.

Carper said that as virtual currencies like Bitcoin and similar technologies continue to be increasingly utilized, it had to be ensured that governments were adequately protecting consumers and addressing lawbreakers without hindering innovation. ( ANI )

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Publication:Asian News International
Date:Feb 24, 2014
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