Canadian Economists: Bitcoin Needs Flexible Regulation to Thrive
The Montreal Economic Institute has published a research note on bitcoin in which it concluded that the digital currency's future hinges upon its legal status. The institute argues that retailers, consumers and investors need to know that a clear set of rules governing bitcoin is in place. Such rules would bolster confidence and boost adoption, while at the same time speeding up investment in bitcoin companies. However, "the proposed rules must not hamper the use of bitcoin as a means of exchange, either with burdensome taxes or with excessive administrative rules for users," the institute....
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Earlier today, NEWSBTC and a number of other publications posted about an economic note on bitcoin regulation by David Descôteaux of the Montreal Economic Institute. Descôteaux's report suggested that bitcoin would require regulation in order to thrive, but according to the Canadian Bitcoin Foundation, they would much prefer if the government kept out. In an statement issued on Thursday, Bitcoin Foundation Canada welcomed the publication of the report, but fundamentally disagreed with points made by Descôteaux. "Government intervention is not required for Bitcoin to develop and become....
When it comes down to figuring out the next logical step in the evolution of our society, there are a lot of different factors to take into consideration. One thing most rational people will agree on, however, is that there is a clear need for developers and engineers. Economists, on the other hand, are not required for the time being, as humans are perfectly capable of making their own decisions. Bitcoin is a clear example of why engineers are far more valuable than economists. To be more precise, engineers are more useful than economists at this stage in our society. That is not to say....
A growing number of economists have warned about a severe recession in the U.S. if the Federal Reserve keeps up its fight against inflation. “Each adverse development in the outside world implies the Fed is going to have to do more in order to bring the situation under control,” said one economist. Economists Warn of Deep Recession Resulting From Fed’s Response to Inflation A growing number of economists have warned that the Federal Reserve’s fight against inflation, which remains at the highest level in decades, could lead to a severe recession in the U.S. At the....
Canadian economist David Descôteaux has prepared an economic note on the topic of bitcoin. Specifically, the discussion takes a look at bitcoin regulation, and the Canadian government's plans to put together legislation on this emerging digital currency and payment system. In his report, he lists three items that need to be tackled before bitcoin is considered a currency. Three conditions would need to be met for the expansion of the use of bitcoin as a currency, which remains very limited at the moment. First, users would need to receive concrete benefits rather than some other one, a....
Christine Duhaime. A Canadian lawyer is planning to write the world's first law book covering bitcoin and other digital currencies. To help in the complex task, Christine Duhaime has already prepared a team of collaborators, including economists, legal experts and financial crime experts. The book will aim to provide guidance and insight into the emerging field of digital currencies and tackle legislative issues on a global level. Duhaime is a partner at Duhaime Law, a financial crime lawyer and a certified anti-money laundering law specialist. She advises clients on financial regulation....