Today is a big day for Bitcoin. Many members of the Bitcoin Foundation are meeting with some of the top US federal agencies today to discuss the currencies possible regulation. These agencies include the FBI, FinCEN, Secret Service, IRS, DEA, Treasury Department and Homeland Security. WOW! Talk about a tough crowd.
The Bitcoin Foundation will attempt to sell these agencies on Bitcoin given it’s proven record to be a useful economic tool and a viable way to process transactions. They are also hoping to establish themselves as the official point of contact and resource for governments and lawmakers. The good news is that the federal government has finally taken notice of Bitcoin and are finally seeing it as a legitimate form of currency that needs to be looked into. With Bitcoin now supporting an economy worth more than $1.4 billion, it has simply become too large of an elephant in the room to keep ignoring. The major negatives to Bitcoin are it’s association with the darknet black markets and money laundering schemes. However, Bitcoin currently supports many positive associations and are used with many legitimate services that keep growing every day.
It is, however, a little ironic that a system devised to be unregulated and freely traded is now attempting to willingly collaborate with government. However, it would be a much scarier world if they didn’t. This is a step in the right direction and showing the community and the public that we are willing to work with several agencies and find mutual ground to stand on.
Exciting times for Bitcoin are on the way!
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