Bitcoin Foundation Standing Up against New Currency Regulations in the US. Not that long ago, there were some reports about the U.S. Congress introducing a new bill that would regulate Bitcoin and other digital currencies. Under the pretext of fighting against the money-laundering business in the United States and the fight against the terrorism, the U.S. authorities are trying to get bigger control over the digital currencies, especially Bitcoin. For many, Bitcoin and other digital currencies are a very big threat for the established global financial market that depends on the dollar.
Because of that, many believe that the U.S. Congress’ attempt to impose more control over digital currencies is actually an attempt to prevent Bitcoin from becoming too powerful in the United States and to limit its use. However, Bitcoin will not go down without a fight and the CEO of Bitcoin Foundation, Llew Claasen, has announced that they have sought legal advice that led them to hire legal representation and that they will be fighting the new regulation.
However, Claasen has also said that the first goal of the Bitcoin Foundation is actually to have a decent conversation with the U.S. Congress about finding the right solution for new regulations. It is important to emphasize that Claasen and Bitcoin Foundation are not against regulations and that they realize that the market needs to be regulated but they will be loudly against the regulations that try to impose control over the market and limit the potential that these digital currencies have.
Misrepresenting Facts
The argument that the U.S. authorities use to actually pass those regulations says that a lot of criminals use digital currencies for illegal activities. However, real life data show that is not the case but they are still sticking with their reasoning. On the other hand, Bitcoin Foundation is looking at things in a more positive way. They are ready to take legal actions against the government of the United States if it comes to that but their main goal is to make Bitcoin a globally accepted digital currency in all parts of the world.
Claasen has even said that the new regulations, if they get passed, would threaten to end the entire financial technology in the United States. He also said that recent achievements with Bitlicence might be completely nullified by the new regulations which would have a very bad influence on not only the digital currency market but also the global financial market as well. One of the core principles on which the Bitcoin Foundation was established is the right of every individual to have privacy in the transactions that are not going against the law of the country. This is exactly what the U.S. government is trying to change.
A couple of months ago, the European Commission published a report about the use of Bitcoin and other digital currencies in illegal activities such as terrorism and money-laundering. The report clearly stated that there is very little connection between digital currencies and those illegal actions. Claasen has also stated that it is very hard for criminals to use Bitcoin for their illegal activities and that it is much easier for them to use US dollar, for example.
Getting to know more and more on Bitcoin…lot more to go