Need of the Hour — Universal Bitcoin Regulations

Bitcoin regulations, is it good or bad? Well, the debate continues. The government and central bank say it is necessary to protect the interests of the nation and its citizens while a part of bitcoin community begs to differ. According to bitcoin enthusiasts and many community members, bitcoin is and should remain an autonomous currency free of interference from any government or other authority.

However, that is not going to change much, governments will try to and eventually succeed in bringing about regulations that will help them keep an eye on and even control bitcoin usage if deemed necessary to prevent money laundering and other illegal use which might jeopardize national security or dilute a country’s economy by any chance. In a few cases, governing authorities may “screw up” like in the case of New York State’s BitLicense. BitLicense has put forth stringent requirements for bitcoin and other cryptocurrency based companies to meet in order to operate in the State of New York. This has got many bitcoin companies pulling out of the region instead of complying with unrealistic compliance requirements.

What is the solution?

A recent op-ed by Martin Tiller on NASDAQ offers a solution. Push for international regulations.

Read more ... source: NewsBTC USA