``Licenses--adorably named BitLicenses by the state--would be required to be held by companies that provide financial services; businesses that just accept payments in virtual currencies won't need a license. Bitcoin transactions of more than $10,000 must be reported to state officials, and businesses would need to keep detailed records of every transaction involving the virtual currency, including the names and physical addresses of all parties involved, the amount of value changing hands, and "a description of the transaction."''

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