BTCC Boss Bobby Lee Wants Bitcoin To Be Regulated

BTCC Boss Bobby Lee Wants Bitcoin To Be Regulated

The CEO of BTCC, a major Chinese Bitcoin exchange, has said that he hopes the digital currency gets regulated in order to stabilize the monetary system and slow its volatile swings up and down. "I think regulation is much needed for this new asset class because otherwise, it'll run amok from society," Lee told CNBC. In the original white paper, Bitcoin boasted of its decentralized nature and how it was a currency that was under no one's thumb, especially not banks and governments. However, as the digital currency has exploded into the mainstream, picking up huge adoption, Lee....

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Banks, as they exist now, are obsolete and will not exist as we know them in 10 years. Period. Without a doubt. We’ve seen this movie before. Is anyone using Delphi? CompuServe? AOL? What did they have in common? They tried to retrofit the Internet’s HTTP technology into their systems. They tried to force everyone into their closed loopholes. It worked, temporarily. You had a jump in revenues and profit, and then everybody found out you can deal directly with the source. You don’t need them They’re gone. The banking system is trying to do the same thing.

Reggie Middleton, CEO of Veritaseum