Patrick Murck, General Counsel of the Bitcoin Foundation, is today’s luncheon speaker.
Mike Stevens of the Conference of State Bank Supervisors (CSBS) introduced Murck, and took the opportunity to mention the CSBS Emerging Payments Task Force launched just this morning. The Task Force, which is chaired by David Cotney, Commissioner of the Massachusetts Division of Banks, is charged with studying changes in payment systems to determine the potential impact on consumer protection, state law, and banks and non-bank entities chartered or licensed by state authorities.
In his remarks, Murck provided an explanation of what bitcoin is, what virtual currencies are, discussed the potential role of virtual currencies in commerce, and the appropriate role of supervision in this emerging and dynamic field.
According to Murck, the bitcoin network has great potential “to move those people trapped in a cash-based informal economy to a globally connected digital economy.”