Deloitte says too early to regulate Bitcoin
In a report titled "Bitcoin at the crossroads," released by Deloitte Center for Regulatory Strategies, the issue of regulation of Bitcoin has been discussed at length. The report gives a quick introduction of the virtual currency Bitcoin and its technology blockchain and then swiftly moves on to the question that the report addresses: "how will the Bitcoin be regulated?'. Bitcoin at the crossroads also underlines that this cryptocurrency has attracted scrutiny more quickly and also more broadly than most other emerging technologies in the history. It also lists the problems that Bitcoin....
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Jon Watts, director of enterprise services at Deloitte, has weighed in on Bitcoin regulatory issues with clear and cogent arguments. Watts' thesis is that Bitcoin is at the crossroads, and the race to regulate it could be happening much too soon. Deloitte is a professional services firm headquartered in New York. Considered one of the Big Four auditory firms along with PwC, Ernst & Young, and KPMG, Deloitte is the second-largest professional services network in the world by revenue and largest by the number of professionals. The company provides audit, tax, consulting, enterprise risk and....
Multinational professional services firm Deloitte has questioned whether it is too soon to try and regulate bitcoin. In a publication titled Bitcoin at the Crossroads - which notes the advantages of both bitcoin and blockchain technology - Deloitte explores whether regulating digital currency could potentially have a negative impact on its future development and potential to reach mass adoption. It adds: "In most respects, while policy makers and regulators are acting in accordance with their mission statement to protect the public and the integrity of the financial markets, an important....
A recent Deloitte report indicates increasing adoption of blockchain technology, influenced by industry working groups and consortia. Blockchain consortium has found a new follower in Deloitte. The “Big Four” consulting firm, according to a report, attributes the success of blockchain technology to various groups. The consortium of global banking and financial institutions headed by R3 and other similar consortia seems to have played an important role in blockchain adoption. Deloitte is one of the early adopters of distributed ledger technology. It has been supportive towards startups....
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