North Carolina’s Bitcoin Legislation Is Reasonable, But Still Imperfect

It is worth noting that this legislation does not contain all negative information. Perianne Boring, president of the Chamber of Digital Commerce, publicly supported the new law.
Bitcoin and regulation have been two of the most talked about topics in recent days. Pat McCrory, the governor of North Carolina, recently signed a number of legislative proposals. These guidelines are a series of laws related to Bitcoin and allow banks to better regulate cryptocurrencies in the state.
So far, the regulatory measures have not been very favorable to Bitcoin. The best example is the New York Bitcoin license. It is understandable that exchanges and wallet providers need to obtain a specific license, but the requirement to record user information is not something most companies will follow.
A less stringent Bitcoin legislation
Some people might think that the legislation might be due to illegal activities taking place in the Bitcoin world. However, this answer could not be further from the truth. The main problem is that Bitcoin companies are trying to respect the privacy of their users as much as possible. Collecting user information and handing it over to the government is in stark contrast to what these companies are trying to achieve.
However, things may be changing in North Carolina, USA. Now that the state's governor McCrory has signed a new Bitcoin legislation into law, the new regulatory approach may make people more accepting. The original purpose of this legislation is to achieve better regulation of cryptocurrencies such as Bitcoin. Through this legislation, exchanges and wallet services in particular will face some additional supervision in the coming months.
It is worth noting that this legislation does not contain all negative information. Perianne Boring, president of the Chamber of Digital Commerce, publicly supported the new law. From the new legislation, we can see that the focus is on the government's open attitude towards Bitcoin companies. In addition, with legislation, there will be more room for guidelines, and innovation will not be strangled in the cradle.
The balance between innovation and regulation is difficult to achieve in the legislative system. North Carolina's Bitcoin legislation is an improvement over issuing a Bitcoin license, although it is far from perfect. Startups will not gain much support from this bill. In addition, there is still a gray area when it comes to whether these companies should control consumer funds.