Bitcoin regulation is not difficult
The existing legal framework for technology application and bitcoin blockchain on. This regulation will reshape the rules, just like the original Internet’s experience.
In today’s economy and bitcoin blockchain use more and more common, it is a challenge to the government. With the recent legal and regulatory environment to strive to solve the traditional economic system, the government will also look at the digital currency and distributed ledger, and want to include into the existing system.
According to the McCarthyTetrault law firm senior partner of GeorgeTakach, the law on technology innovation after it was just a matter of time. In an online legal magazine article, he bitcoin blockchain technology and a few decades ago, the Internet made a comparison. He also compares Canada and some American States adopted plans. In the face of this new thing, the state of New York is hastily launched 1.5 products “bitcoin license”, and Canada chose to wait and see the way. So far, the Canadian government only issued a ban on the use of digital money laundering directive.
The reaction states and countries on the new technology of each is different, especially when faced with disruptive technology. Takach pointed out that the Utah introduction of public key encryption in 1990s. The state in the early stage of the introduction of the measures in the development of the industry did not play what role. Similarly, the government and regulatory measures, it is also one of today’s digital currency There’s no telling.
Crypto currency industry is still in the early stages in the acceptance and innovation still has great development space. With the development of technology, may use case bitcoin and blockchain future and now completely different. The applicable scope is more and more widely block chain technology is an example of this. Distributed Ledger was originally recorded in the bitcoin transaction on the network, but now it is being distributed ledger itself for a variety of applications.
GeorgeTakach believes that encryption does not exist in the local currency blank supervision. As the business model of Internet based early, the general rules of the charges, taxes, securities supervision are applicable to them, now it can also be applied in encryption currency.
Although the law has covered some aspects of digital currency, but when it comes to combating terrorist financing, privacy and consumer protection issues when there are still some challenges. But these challenges will be solved, because the Internet is a good precedent.