Perhaps the biggest bitcoin-related question on everyone’s mind is, “Can bitcoin be regulated?”
The argument has been going on for some time, and various experts suggest that the possibility of bitcoin regulation is not entirely unlikely. After all, New York’s BitLicense proposal, which requires businesses delving into the art of cryptocurrency to acquire licenses before conducting operations has been cramming news sources, and rumors are abound that it could take effect as early as January of next year.
California is now in line to tackle bitcoin regulation. While no true push has been made yet, California’s Department of Business Oversight has studied methods of other states including Kansas, Texas and of course New York, and is slated to begin their discussions this month.
The line also doesn’t end there. In a recent interview, CEO of Boost VC Adam Draper mentioned that his company would “welcome regulation,” suggesting a level of openness to such proposals amongst certain individuals and organizations…
And yet in spite of all this, there are those that seem to believe that bitcoin cannot and should not be regulated on a wide scale, and that any attempt at regulation simply defeats the initial purpose of bitcoin itself, which they claim is to ultimately remove any extra control from banks and similar institutions and place it in the hands of the users. Websites such as “Stop the BitLicense” are proof of such thinking.
The debate will likely remain long and arduous in the days ahead, so the big question for all of you is this… Is bitcoin regulation on a national or global scale a true possibility? Or do you think any attempts at implementation are fruitless or destructive? Post your comments below and tell us what you think.