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The wealthiest nations in the world have widely divergent approaches to regulating Bitcoin, and some of them aren't regulating digital currencies at all, according to a report on 40 nations plus the European Union that was prepared by the Law Library of Congress last month.
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BANGALORE: The Bitcoin community in India is courting legal help to clear the air over virtual currencies in India after the Reserve Bank of India warned of the financial, operational and security-related risks enthusiasts were exposing themselves to. Many bitcoin businesses across India have shut shop fearing arrests and raids by tax officials.
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The idea that Bitcoin could be an alternative to traditional money that would allow users to conduct transactions anonymously beyond the pale of intrusive government regulators has proved to be little more than a pipe dream. In testimony at last week’s hearing, Barry E. Silbert, the founder of Bitcoin Investment Trust, acknowledged that “it may be appropriate to regulate any transaction that involves an unregulated intermediary converting Bitcoin to dollars on behalf of a third party.”
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Yesterday, the New York State Department of Financial Services concluded a two-day fact-finding hearing on how to regulate Bitcoin and other virtual cryptocurrencies. The purpose of the hearing was to consider whether or not Empire State regulators should have a direct role in overseeing the use of virtual cryptocurrencies, or if existing federal regulations suffice.
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New York could soon become the first state in the nation to write comprehensive regulations for the largely lawless world of virtual currencies.
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A hearing Tuesday on the regulatory future of Bitcoin instead turned into a forum on the shortcomings of the traditional banking industry.
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Last year, bitcoin was nothing more than funny-money criminals used to buy drugs and weapons. Well, that was the story that dominated mainstream coverage of the digital currency.
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There is a degree of uncertainty towards what policymakers will do in regards to decentralised currency regulation. As a result, compliance-related topics are always a popular at events like these. This was made crystal clear during the regulation panel during Day Two.
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It isn't traded on the New York Stock Exchange — not yet, at least — but it does have a brand new "center" just down the street.
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Representing numbers that would put the adoption curve of Obamacare to shame, the Bitcoin equivalents of Paypal, BitPay, announced last week that it has now processed over $100 million in BTC transactions in 2013, has increased its merchant base to over 15,500 approved merchants in over 200 countries, but most importantly, has seen a surge in the number of merchants using its BTC payment pricing plan, by 50% since October while the volume of transactions has tripled. While the surge in the currency adoption has matched the explosive rise in the USD-value of the currency, the news should comfort any lingering doubts whether Bitcoin is a credible payment system.
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European Banking Authority warns that Bitcoin isn't protected through regulation, so people who invest in the virtual currency risk losing money. Read this article by Don Reisinger on CNET News.
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I’m always a little worried when the Financial Times echoes something that I am already thinking. It means that either I might have, inadvertently, had a good idea or that I am having the sort of ideas that are supported by the Financial Times. Either way, a surprising finding. But they are indeed stating something I agree with today. That even if one buys into the ideas of the digital currency brigade why would you invest in Bitcoin, which is looking a bit toppy, rather than one of the other digital currencies?
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FinCEN's desire to regulate cryptocurrencies like bitcoin may see China "eat the USA's lunch". (US Regulators: the World’s Bitcoin Police?
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Bitcoin is not the first "virtual currency" to appear on the Internet, but it's the one currently grabbing most of the attention from currency regulators in the United States and elsewhere. That's mainly because of its rapid growth in recent months and its potential for being used as a medium for illicit transactions like drug trafficking and money laundering.
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This week's Senate hearings were Bitcoin lovefests. That wasn't a coincidence. (This week's Senate Bitcoin lovefest didn't happen by accident. Here's how Bitcoin advocates won over the feds.
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Federal lawmakers want to know if Bitcoin, a new virtual currency can benefit the economy. It's not legal tender but federal regulators are looking into its viability.
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The government's more concerned about keeping bitcoin business in the US than worried about its alter-ego as the currency of criminals.
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The Present and Future Impact of Virtual Currency hearing will take place today at the US Senate. Find out what the witnesses will say.
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Supporters of the virtual currency bitcoin are calling for "safe and sane" regulation.
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From
qz
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On Friday, the New York State Department of Financial Services announced it will be holding a public hearing on virtual currency regulation, specifically considering whether a certification called "BitLicense" might help manage the spread of online currencies like Bitcoin. The new license would require consumer protection services, as well as anti-money laundering requirements, designed to make the currency less useful in cases of fraud and criminal activity.
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Curated by jean lievens
Economist, specialized in political economy and peer-to-peer dynamics; core member of the P2P Foundation
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