Tuesday, 18 November 2014

Us Regulators to Pen First Bitcoin Rule

An U.S State Established Task Force of  regulators are reportedly working to pen the world’s first bitcoin rulebook in a move the aims to protect individuals from the perils of digital currency without stifling the development of the technology.

“We may be looking at some type of model definitions, or model laws or regulations, and very likely recommendations to either our federal colleagues or to Congress,” said David Cotney to news agency Reuters outside of a public hearing on the matter Friday.

Cotney serves as the Massachusetts Commissioner of Banks, and was appointed in February as head figure of the Emerging Payments Task Force — the nine-member group in charge of the rulebook.
For the task, Cotney says that task force has given themselves approximately one year.
The idea to create a bitcoin rulebook is one that attempts to prevent complications for individuals in the United States.

As each state in the country has their own set of rules and laws on a multitude of topics, said rulebook would (hopefully) present a clear-cut and uniform guideline for users of the digital currency.
Recent talking points within the task force seek to clarify which operators in the digital currency space will require regulations, and which do not.

“Who’s in and who’s out? So if we can offer that would be a … big step,” Mr. Cotney was quoted as saying.

Benjamin Lawsky, who also serves on the task force, has proposed the idea of companies operating in the bitcoin space apply for a so-called ‘BitLicense’ — which could very well set a precedent if enacted.

Beyond this: how will the very people affected by these rules react? Will they have a say in how they’re written?

At this point, it’s simply too soon to tell, but we’d like to hear what you have to say. How do you feel about a bitcoin rulebook? Is it a step forward or backwards in your view?