US Law Commission to Debate Model Digital Currency Bill in DC

The Uniform Law Commission (ULC), a nonprofit dedicated to creating consistency among US state laws, is set to discuss a draft version of a model law meant to guide states in the formation of regulation for virtual currencies such as bitcoin this week.

Set to take place from 9th to 11th October at the Hyatt Regency in Washington, DC, the three-day event will bring together the ULC's Study Committee on Alternative and Mobile Payment Systems for discussions on specifics of the bill's current provisions, including its recommendations to state legislatures on capital requirements and the cost of licensing.

Originally tasked with considering the need for more uniform state legislation on alternative and mobile payment systems in 2014, the group eventually chose digital currencies as its area of emphasis. Ultimately, the first version of the draft bill puts forth a set of initial recommendations for how entities operating "trusted intermediaries" in the digital currencies space should be licensed across the US so that requirements are more consistent.

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