North Carolina: Setting Up a Hub for Bitcoin Business?
While many Bitcoiners scoff at the idea of regulation, seeing as how the cryptocurrency is virtually impossible to control, the simple fact is, the majority of Americans, shockingly, have issues with breaking laws. Hence why the proposed new regulation in New York really is significant. While the rules may be silly, and easy to get around, avoiding the regulation paints a person or business in a negative light to the average consumer. With the Bitcoin Battles raging on Broadway, the whispers of “legislation” sent chills through the cryptocurrency community here in North Carolina. The regulatory vision from the NC Commission of Banks (NCCOB), however, laid out a much more relaxed and, for Bitcoin businesses, much more exciting framework for our state. While planning is still in the early stages, this vision could well help set up the Triangle as the Bitcoin Capital of the East Coast
While New York Pays, North Carolina Will Play
The difference between the proposed New York regulations and our initial ideas is vast. While New York would require a person engaging in any business activity with Bitcoin to have a license, North Carolina took a step back. Under the NCCOB rules, businesses worth over $100,000 that receives virtual currency for transmission to a third party, would have to apply for a license. In simple terms? Mining operations? No license for you. Online vendors that accept Bitcoin? Nope. That local doughnut shop that takes Bitcoin? You’re good. Bitcoin exchanges, like Coinbase? Yeah, you might want to look at a license. Where every single one of these entities would be required to spend significant time and money to get licensed in New York; North Carolina, at least at the outset, seems to be taking a much more sensible and potentially much more profitable approach.
The Bitcoin Capital of the East Coast
North Carolina is perfectly set up to be a fantastic hub for Bitcoin. They have the technological juggernaut of the Triangle, combined with the banking Mecca that is Charlotte, both of which combined would seem to make the state more realistic and amenable to economic trends and the potential power of cryptocurrency. In the Triangle especially, where local citizens routinely see stores and buildings pop up seemingly overnight, changing environments is a simple fact of life, and it won’t be hard to establish a thriving Bitcoin community. The recent Cryptolina expo showed that the area is becoming increasingly aware of the rise and possibilities of cryptocurrencies. Small bitcoin-accepting businesses, like Rise Biscuits and Donuts, in Durham, are favorites among the local Bitcoiners already (and their doughnuts are really good). While other cities and states are ahead of the region in terms of adoption, North Carolina has the infrastructure and community already in place for Bitcoin businesses to plant themselves and, with a little public awareness, grow deep roots in the area, and contribute to a breakout Bitcoin economy in the state.
The North Carolina Sun Will Shine on Bitcoin Business
North Carolina, like the rest of the world, is still very new to cryptocurrency. The NCCOB admitted that they don’t know what will happen, and that further regulation may be required. But while New York took a route of fear and restriction to Bitcoin, North Carolina, initially, is taking a route of observation and pragmatism. Will the NC government maintain the hands-off approach? Time will only tell. In the meantime, we as a Bitcoin community have a fantastic opportunity to take a major step forward in our efforts to shape our future. The RTP area, long home to many Bitcoiners, including all of us at BitBasics, is ripe to establish a flourishing economy, create a major hub for Bitcoin business, and to shape a very bright future for North Carolinians and the world.