Monday, May 26, 2014

Bitcoin ATM Operator Wants Government Regulation of Bitcoin

The Boston Herald reports
“We will be trying to come up with a model law or regulations states can use,” said David Cotney, commissioner of the Massachusetts Division of Banks and chairman of the Emerging Payments Task Force. “This has gotten a lot of attention, and we want to make sure when we act, we get it right.”...

Last week... the task force held a hearing on bitcoin and other virtual currencies, hearing testimony from bitcoin companies and regulators, include Barbara Anthony, undersecretary of the Massachusetts Office of Consumer Affairs and Business Regulation....

“Consumers and average consumers need to know that there are certain drawbacks to trading in a virtual currency,” Anthony said. “The kinds of consumer protections that we’re used to, people have to understand they are not available to virtual currencies.”...

Kyle Powers, co-founder of Liberty Teller, a company that makes bitcoin ATMs, said proper regulation will help carve out a place for the currency.

“Updated and streamlined regulations would help us grow our small business and would help Massachusetts maintain its leadership role in bitcoin,” Powers said.
Bitcoin is NOT the libertarian answer to government money. It is very trackable and will become very regulated.

1 comment:

  1. I think you need to have either Adam Kokesh or Jeff Berwick on your show to do a Bitcoin debate. Plenty in the movement are still divided on this.