New York state has approved regulations allowing a new virtual currency called Ether.
Gov. Andrew Cuomo, a Democrat, and the state’s Department of Financial Services announced the move on May 5.
The regulations will govern the new virtual exchange, called Ethereum, in which customers can buy and sell the new currency.
Similar to Bitcoin, Ether is intended to offer an electronic alternative to traditional currencies.
The exchange will be operated by Gemini Trust Company LLC, which was founded by Cameron and Tyler Winklevoss.
New York is the first state to authorize the new currency.
“Through smart and careful regulation, New York state continues to flourish as a virtual currency leader in the global marketplace,” Acting Department of Financial Services Superintendent Maria T. Vullo said.
“DFS will continue to encourage the development and long-term future of this growing industry,” Vullo said.
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