Why Governments Shouldn't Over-Regulate Bitcoin
According to MIT Media Lab director Joi Ito, governments have a role to play in regulating bitcoin but they shouldn't overstep their boundaries. He suggests that governments should still have a voice in the process in order to increase the confidence of the general public when it comes to transacting using cryptocurrencies. "I'm not sure that we need an ICANN for Bitcoin, but I think that what would be good is some sort of way for all of the governments to voice their concerns and then become comfortable with how the community interprets their concern," he explained. Bitcoin Regulation....
Related News
Commonwealth governments should regulate bitcoin to address the risks associated with digital currencies without stifling innovation. This was one of the recommendations put forward by the Commonwealth's Virtual Currencies Working Group during a three-day conference held in London this week. After hearing from the banking sector, academia, virtual currency operators, users and law enforcement agencies, the group urged governments to re-consider their legislative response to virtual currencies such as bitcoin and strengthen law enforcement to counter criminal use. The group, which noted....
As the Bitcoin community awaits New York State's BitLicense regulations, expected to be released today, the debate about regulating digital currencies is in full swing. Director of the Massachusetts Institute of Technology (MIT) Media Lab Joi Ito recently commented on the need to regulate in an AMA (Ask Me Anything) on Reddit saying:"If we want Bitcoin to be widely adopted by people around the world, we need to make governments comfortable so that they don't overregulate. Otherwise, it will become a sort of underground thing that is useful for only those people savvy or intent enough to....
Tesla CEO Elon Musk thinks governments should not try to regulate cryptocurrency. “I would say, do nothing,” he recommended. Musk believes that it is not possible to destroy crypto, but governments can “slow down its advancement.”
Elon Musk Says Governments Should ‘Do Nothing’ and Leave Crypto Alone
Tesla CEO Elon Musk discussed cryptocurrency and China on Tuesday at Code Conference in Beverly Hills, California. Responding to a question from New York Times columnist Kara Swisher about whether it is “the right thing” for....
As cryptocurrencies have expanded as a medium of exchange, governments worldwide have struggled with how best to regulate them. While one of the draws of cryptocurrencies is that they are less regulated than traditional currencies, problems associated with these currencies (such as financial crimes and terrorist financing) have encouraged governments to develop regulations. A recent report by the SWIFT Institute summarizes regulatory initiatives to date and identifies some of the problems that governments encounter in attempting to regulate cryptocurrencies. The 77-page paper, titled "The....
Hawaii is giving crypto regulation a serious focus now. Around the world, the drive for crypto regulation continues to take shape as more governments seek to establish regulatory frameworks for digital assets. Hawaii could be the latest state to do so, as a senate committee has recommended the formation of a task group to regulate […]