If the United States regulation of bitcoin will be huge bad
New York last month said it would sound supervision of digital currency issued to digital currency license (BitLicenses). Because of the basic position in the digital currency bitcoin, the move was also called bitcoin financial supervision.
Since bitcoin into the financial regulatory system means that the government began to recognize the digital currency, once seen as a major positive news. After watching the draft regulation, let the heart cold.
According to the proposal, bitcoin company not only need physical address tracking and its customers, also need to keep track of the physical address using the bitcoin network to its customers to transfer people’s. This will weaken the basic value of bitcoin. Moreover, bitcoin companies also need to New York, where frequent to Routh based Financial Services Bureau (hereinafter referred to as “DFS”) report, a detailed list of ownership, financial forecasting and even strategic business plan changes.
If the implementation of these regulations, bitcoin startups day will very sad, after all they have limited resources, and struggling to find new business. “I worry about the report too frequently and too detailed. It is really too heavy, especially for new industries.” Experts point out that.
The draft of the virtual currency related enterprises in the protection of consumers’ rights and interests, security, capital requirements, personnel qualifications, management and other aspects of the strict requirements, is likely to stifle innovation, the impact of anonymity of bitcoin, in bitcoin into the mainstream of the financial sector at the same time, will kill many start-up companies.
Some people still think bitcoin regulation actually should be a good news. At least the development of bitcoin industry is rapidly into the traditional economy, including the Wall Street, the financial sector has been unable to ignore.
Undoubtedly, moderate supervision can regulate bitcoin industry, excessive regulation will let digital currency take many detours. Once in accordance with the original draft regulation, bitcoin market will be greatly affected, because the rest of the world in this respect to the United States as the ruler. Many countries will imitate American regulation, this is undoubtedly a disastrous.