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 Thursday. 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.