Reuters: the United States will be the first to make bitcoin related laws and regulations

Reuters: the United States will be the first to make bitcoin related laws and regulations

The United States government legislative work group is studying the relevant laws and regulations for the first edition of bitcoin, the responsible person said: in the hope that not stifle new technology, make the virtual currency users avoid virtual currency fraud.

At present, many American companies allow consumers to use virtual currency to pay, but because of the virtual currency is not regulated by the federal government, so its users in the United States in 50 states in the maze of regulations.

Massachusetts bank chief David Cotney In February this year, was appointed to lead a new way to pay for the working group, the group had a total of 9 members, all from the national banking supervision research center (CSBS). Cotney said his team will use about a year to complete the formulation of rules for use of virtual currency task The working group to do and do not need to be regulation of virtual currency users set up a clear definition, in order to distinguish between the two types of the regulated object, Cotney said in an interview.

At a hearing of the bitcoin regulations OTC told the Reuters reporter: “we are studying the definition of some models now or temporarily proposed regulations or regulatory measures, as well as some possible suggestions, and all these give us the same thing or other federal parliament.”

He said: “who needs to be supervised, who do not need? Therefore, if we provide a clear definition of the word, it will be a great progress.” The Cotney working group is also concerned about the new payment technologies, such as mobile phone payment and another online money transfer service model, PayPal.

Bitcoin is a virtual currency called the most famous one of the most important, it is produced by computer and network, bitcoin fund management, completely out of control of any government. Some retailers accept bitcoin payment payment in this new network or store inside.

But the recent unfortunate people highly cautious attitude to this new technology. Mt. Gox, a company based in Japan’s virtual currency exchange, ongoing bankruptcy liquidation, and the platform is a total loss of $650 million worth of customers about bitcoin.

They will not obstruct the virtual currency users into the state regulators say they just want to make sure that every transaction about virtual currency can be safe.

So far, federal regulators have been relatively silent. The Treasury’s financial crimes department last year will strengthen the network management and transaction bitcoin related personnel is defined as the transfer of money, which makes them in the jurisdiction of the national regulators within.

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