The Conversation (0)
The debate about bitcoin regulation has reached a boiling point, as lawmakers across the world are faced with the challenges of controlling the emerging technology.
The debate about bitcoin regulation has reached a boiling point, as lawmakers across the world are faced with the challenges of controlling the emerging technology.
According to an article on Wired:
Bitcoin as a virtual currency presents significant challenges to regulators. But one should not be too hasty to regulate Bitcoin, without fully understanding the implications of blockchain technologies more generally, with regard to their impact on innovation, competition and regulation.
With a 5 billion market cap, Bitcoin is slowly making its way into the digital economy, and a growing number of merchants—including Overstock, Newegg, Expedia, Dell and even Microsoft—are now accepting Bitcoin as a possible form of payment for their products. Of course, regulation will be needed eventually, both to address the risks and maximize the benefits of the technology. But it is difficult to regulate today a technology that we do not yet fully understand. Given the experimental nature of blockchain technologies, whose possible uses and applications are still to a large extent unknown, regulation should be elaborated carefully and in a well-informed manner, to avoid precautionary measures from curtailing the future of these new technologies.