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Cryptocurrencies have a great impact on the financial sector. Even though most banks will ignore this technology for some time, that can’t be sustained much longer. The US Mint is advised to keep close tabs on cryptocurrencies and their impact. An interesting decision, considering it comes from the inspector general. This goes to show we may expect US regulation for cryptocurrency in the near future.
Bitcoin and cryptocurrencies have created quite the buzz over the years. Banks and governments warn the public not to get involved in these financial assets. At the same time, they are most likely the ones buying a portion of the proverbial dips on the exchange. All cryptocurrencies have seen major price growth this year alone. So much even that the US inspector general is painting an interesting picture for the US Mint.
What Will the US Mint do With Bitcoin?
A new report shows how this agency should gauge the impact of cryptocurrencies. It is a pretty interesting, albeit a vague statement. For most people, this means we will see new regulatory measures pretty soon. Then again, it is possible things may evolve at an alarming pace in the coming weeks. It is evident the US Mint is threatened by Bitcoin and altcoins. This new form of money makes those old institutions pointless in the long run.
Inspector General Eric Thorson explains it as follows:
“In addition, BEP and the Mint need to consider the effect of alternative payment methods and other technological advances (such as stored value cards, the Internet, smartphones, and virtual currencies) as well as consumer demand on their respective business models, practices, future planning and interactions with their customers, and the Federal Reserve Bank.”
It is not the first time we see such stark warnings related to cryptocurrency. More specifically, banks and institutions have ignored Bitcoin for a few years now. During that time, these currencies have made the US Dollar and other fiat currencies look like toilet paper. Cryptocurrency adoption is coming sooner or later. Regulation can make this process smoother or harder. Judging by the language in this document, one can be carefully optimistic for now. An interesting future lies ahead in the US, to say the least.
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