Yesterday, CoinComply’s managing director Brian Stoeckert, participated in a panel on virtual currencies at the invite-only Manhattan District Attorney’s Office 5th Annual Financial Crimes and Cybersecurity Symposium at the Federal Reserve Bank of New York. The event was hosted by DANY’s Cybercrime and Identity Theft and Major Economic Crimes Bureaus. Brian took center stage to open the session and covered the following topics:
• The history of virtual currency
• Early adoption, or lackthereof, of early virtual currencies in the 1990s
• How certain “virtual currencies” were really e-currency designed specifically for a specific online marketplace or rewards programs
• When ‘gold-backed’ virtual currencies first appeared, disappeared, and re-appeared again
• Did Facebook really attempt a virtual currency with Facebook Credits?
• The current state of the virtual currency ecosystem
Finally, in response to the final question on common challenges impacting the virtual currency marketplace, Brian noted regulatory clarity at the U.S. state level on money transmission, quality compliance infrastructure of Bitcoin companies, and access to the U.S. banking system with financial institutions receiving buy-in from their regulator on banking compliant virtual currency companies.
CoinComply thanks the Manhattan District Attorney’s Office for the invitation to participate in the Symposium.