The final BitLicence framework for regulating digital currency firms was announced on 3rd June 2015, during Ben Lawskys’ final speech as Superintendent of the New York Department of Financial Services he. Development of the controversial licence gave Lawsky an insight into digital currency technology, and appears to have affected his view on the financial system.
“In a world where information travels around the globe in a matter of milliseconds it can often take days to transfer that money to a friend’s bank account. In an age of smart phones and on demand technology we still have a disco era payment system.”
– Ben Lawsky, at the BITS Emerging Payments Forum
During his speech Lawsky went on to say that payment systems need to change. In the internet era people expect instantaneous results, something our payment systems can’t achieve. “Just think how mad we get when our netflix buffers even for just a few minutes. Soon this standard will apply to our car payments or sending money to a friend, that’s what your consumers will expect.”
The controversial BitLicence has proponents on both sides. In an exclusive interview with BraveNewCoin the President of the Bitcoin Association, Greg Simon,