The concept of special economic zones to assist the development of a new industry is common worldwide. So why isn’t there one yet for Bitcoin?
Despite the collapse of Bitcoin exchange Mt. Gox, digital currencies are one of the fastest growing, disruptive technologies of the past several decades.
But the only places in the United States that are speaking up about Bitcoin are those who want to add additional layers of regulations and red tape.
Remarkably, it’s the two states that would benefit most from this innovation and from greater adoption of Bitcoin: the nation’s financial center (New York) and the hub of innovation (California).
New York’s top financial cop, Benjamin Lawsky, has railed against Bitcoin because of concerns about usage by criminals. He said that it is better to stop all possible money laundering before one knows it really exists than to let “1,000 flowers bloom on the innovation side.”
That line was immediately mocked by Bitcoin fans with analogies like “it’s better to let 500 car companies die than to let one car be used in a getaway”.