Published On: Wed, Feb 15th, 2017

North Dakota Lawmakers Dither on ‘Online Currencies’ Regulation

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North Dakota remains undecided whether to regulate cryptocurrencies as legislation is passed and rejected by various state committees.
Controlling ‘Online Currencies’
A bill advocating a study be made as to whether various businesses need a license to deal in crypto passed the State Senate. However, a House committee gave it a unanimous “do not pass” recommendation, local news resource KFYRTV reports.
While it is likely the study will go ahead, the bill originally contained much wider reaching implications.

Businesses or “services” would be licensed to “maintain control of online currencies,” KFYRTV states. Quite what is included in the rare term “online currencies” is not made clear.
“If they do any other business relating to US currency, a lot of times they’ll do both, and if they do any US currency money transmission, then they require a license,”  Aaron Webb of the state Department of Financial Institutions said. “And we’ve indicated that we are going to bring this to the legislature for some type of direction.”
Eyeing The Competition?
It could likely be that lawmakers in North Dakota are opting for a …

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