CSBS Proposes Uniform Standards to Regulate Bitcoin Activities

The US Conferences of State Bank Supervisors (CSBS) has issued a model framework to assist states that are seeking regulations for Bitcoin activities.

The organization, known for its loyal advocacy towards advancing the state banking systems, had earlier released an initial draft version of the aforementioned framework. It had also opened a two-month commenting period, inviting both regulatory and private sector stakeholders to provide their valuable inputs.

Based on the dialogue with around 20 different organizations, hailing from both Bitcoin and financial sectors, CSBS finalized the Draft Framework as the “CSBS Model Regulatory Framework for State Regulation of Certain Virtual Currency Activities.” As the organization stated, it took care of several key issues that were raised by commenters.

For instance: a majority of commenters wanted CSBS to draw out an accurate “legal” definition for virtual currencies like Bitcoin, which it did — eventually.

Nonetheless, the standards described in the CSBS Model Framework are propagandized only as recommendations — something state bank regulators could use while customizing their own Bitcoin laws. As it looks, the whole purpose behind the launch of a uniformed framework is to create consistencies between states when it comes to regulating virtual currency businesses.

CBCS proposed that companies involved in the

Read more ... source: NewsBTC USA