Regulating Blockchain Would Be an Exercise in Futility
Proponents argue it is set to change real estate, accounting, securities and a gamut of other industries. But, how should this technology be regulated? A better question might be, 'Should it be?' And if so, 'How?' Lawmakers generally try to create rules that are technology neutral. Indeed, one of the most pressing criticisms of New York's BitLicense regulation was that it deviated from this approach. Why this has been successful is because regulators know that software developers move faster than they do. When rules are created for specific technologies, there’s a danger that rapid....
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History has demonstrated that when regulators attempt to intrude on liberties, individuals find workarounds. The post The Utter Futility Of A Bitcoin Ban appeared first on Bitcoin Magazine.
History has demonstrated that when regulators attempt to intrude on liberties, individuals find workarounds.
Historical precedents have shown that whenever the people have a means of obtaining items of currency (effectively) out of the ground, that governments will step in and not only demand a piece of the action, but will eventually shut it down. For example, the US government eventually made it illegal to use gold as currency, despite the gold rush that added so much to the country's wealth. The same may well happen with Bitcoin, as governments become nervous of a currency being created that is beyond their control, regulation may be imposed to prevent Bitcoin mining. When Bitcoin began, it....
Just recently Bitcoin.com reported on the European Securities and Markets Authority (ESMA) Senior Risk Analysis Officer, Patrick Armstrong’s opinion to ban blockchain platforms. However, on February 7 the ESMA has released a report stating that regulating the technology at this early stage is “premature.” ESMA Says Regulating Blockchain Would Be....
The United States government through the FBI recently helped to run a training exercise whose goal is to enhance the capacity of Nigerian cryptocurrency crime investigators, the U.S. Mission Nigeria (USMN) has said. The exercise saw over 50 Nigerian investigators and prosecutors participate. Understanding the Trends In its August 25 tweet, the USMN reveals that the training exercise was held in conjunction with the International Computer Hacking & IP Attorney Advisers (ICHIP) of Addis & Abuja. The mission also explained what the investigators learned from the exercise. “Trainers....