bitcoinvancouver

The GoTo Site for all things Bitcoin in Beautiful Vancouver British Columbia Canada

WHY REGULATE BITCOIN?

WHY REGULATE BITCOIN?

“We do not think that it is in anyone’s best interest for digital currency to become an offshore industry or an industry dominated by China,” said Jeremy Allaire, the founder of a startup called Circle Internet Financial, in written testimony provided as part of his appearance, on Monday, at a hearing by the U.S. Senate Committee on Homeland Security and Governmental Affairs on the risks and benefits of digital currencies such as Bitcoin.

He and other U.S. entrepreneurs are right to be concerned about their role in the growing market for digital currency—that is, bits of code that function like cash and can be exchanged over the Internet. About a third of the world’s bitcoin transactions now flow through a single exchange, BTC China, which is open only to Chinese users, according to Bitcoin Charts, a Web site that provides bitcoin data. BTC China recently unseated the Tokyo-based Mt. Gox as the world’s largest exchange by trading volume.

Recently, the exchange value of the cryptocurrency has climbed, a trend that continued Monday after news broke that BTC China had raised five million dollars of investment capital. By one o’clock on Tuesday morning in Beijing, the value of a single bitcoin had hit a record of nearly four thousand three hundred yuan, or about seven hundred dollars.allaire-allen-580.jpeg

Advertisements

Questions, Comments, complaints or observations? Your input is important to us.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Information

This entry was posted on November 18, 2013 by and tagged , .

Follow me on Twitter

bitcoinvancouver2013@gmail.com

bitcoinvancouver2013@gmail.com

Blog Stats

  • 9,832 hits

Follow me on Twitter

%d bloggers like this: