Bank of America officials: Bitcoin must be regulated in the mainstream


nnnWhen the general manager of the Bank of America that Bitcoin to accept some regulatory guidance to be successful in the global promotion, referring to its obstacles, including fraud, hacker attacks, the market acceptance is limited. Its views are recognized by some banking institutions, but the current global monetary regulation has not yet been successful.n
nnTranslation: Annie_Xun
nFrancisco Blanch, general manager of Bank of America, said Bitcoin would receive some regulatory guidance to succeed in the world.n
nHe also mentioned other factors that hinder the growth of Bitcoin is fraud, hacking, market acceptance is limited.n
nn”Bittember is an important step in accepting collateral, but the inherent risk of digital tokens, including fraud, hacking, theft, new agreements, limited acceptance, not the currency, so that it can not develop.”n
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nThe position of traditional financial institutions on encrypted moneyn
nBlanch’s view is supported by other financial services industry participants, such as Morgan Stanley. However, the global government’s efforts to regulate digital money are not yet successful.n
nThe reason may be that the encrypted currency is in order not to be subject to traditional regulation.n
nAt present, government agencies, such as the SEC, have decided to supervise the use of encrypted currency service providers, such as exchanges and wallets. They can also use the currency as a taxable currency, but that does not work.n
nFor example, the Japanese government to stop the special currency levy consumption tax. Bit currency users can be expected, the near future will introduce a tax policy.n
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nBank and encrypted currencyn
nIt is understandable that banking institutions such as Morgan Stanley and Bank of America are opposed to the use of digital money because if the number of people using digital money is increased in a short period of time, the banking sector may be phased out.n
nRecent developments suggest that despite the hesitation, some banks will embrace the encrypted currency in some way.n

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