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Posted on 01/30/2014 8:30:27 AM PST by Errant
As two days of hearings on the future of digital currencies – think Bitcoin – wrapped up Wednesday in the New York State Legislature, fans of the cyber-cash were getting both bad and good news.
Supporters who are drawn to Bitcoin because it largely functions outside governmental control may have been dismayed at the attempt to corral the currency inside state guidelines for the handling of money.
But, at the same time, say experts, the simple act of enacting regulations bestows the legitimacy the digital currency needs to become widely used.
“Most of the folks in this market who are not anti-establishment or fringe elements understand what’s necessary for this market to grow,” says Kevin McIntyre, an economics professor at McDaniel College in Westminster, Md., who specializes in the study of virtual currency. “And for virtual currency to have a future, some level of oversight – and the cache and legitimacy that come with that – is necessary.”
(Excerpt) Read more at csmonitor.com ...
•The Emerging Bitcoin Civil War
•Mint personal finance tool embraces Bitcoin, but as an investment - not cash
•Bitcoin Needs Tighter Rules Than Banks, Say Prosecutors
•Law Enforcement Strikes Back in Bitcoin Hearing
•New York Bitcoin Hearing Features Troubling Regulatory View
•BTC China Accepting Bank Deposits Again
•Fred Wilson: Freedom and Innovation are Two Sides of the Same Coin
•Lamborghini and McLaren Dealerships Drive Bitcoin Adoption in USA
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