Bitcoin Advocates Meet With Government Regulators

Members of the Bitcoin Foundation are meeting with at least seven executive agencies in Washington D.C. today to answer questions which regulators might have, and to create a dialogue on potential future legislation concerning the currency.

Some states have had difficulties in understanding how and if they should regulate Bitcoin, such as in the case of California slapping the Bitcoin Foundation with a warning for not following state legislation concerning money transmission.

As the Bitcoin market grows (it’s currently valued at $1.4 billion), both legislators and bitcoin advocates must work together carefully to protect consumers, and to better the reputation of the currency.

As it stands, the fear of money laundering and other illegal activities that bitcoin and other digital currencies are capable of fueling is running through the heads of regulators. Bitcoin was founded by principle, as an unregulated currency which is free from government control or backing.

However, some leaders in the bitcoin space welcome regulation and view it as a boon to the acceptance and ultimate survival of the bitcoin market. The problem is, excess regulation would absolutely go against the wishes of the bitcoin community at large, and would no doubt also harm the many bitcoin startups and stifle the market.

Hopefully, this meeting will be the beginnings of a deeper understanding from consumers and government regulators alike, about the benefits of bitcoin.