U.S. Regulators Eyes To Take Control Of Bitcoin
Bitcoin, the rising internet currency could be regulated by authorities in near future. After the turbulence at the online currency, the U.S. CFTC (Commodity Futures Trading Commission) considering whether the digital currency falls under their supervision. The alternative currency is “certainly something we need to investigate,” said CFTC Commissioner Bart Chilton to the Financial Times.
We’re not talking about Monopoly money. Real people may enter into real risks. And we must ensure that we protect markets and consumers .
The CFTC regulates derivatives trading and regulated forex traders. The normal payment with bitcoin is outside the scope of the regulatory authority. But Commissioner Chilton says:
Essentially we are talking about a kind of black money . And there are good arguments that Bitcoin-related derivatives fall into our office area.
In March, the U.S. Treasury had said that companies that use Bitcoin payments, must follow the same guidelines as other money laundering Money service companies, such as Western Union. Since the decision of the U.S. Department at least three U.S. companies banks accounts were frozen.
If authorities succeed to regulate Bitcoin market, banks will hesitate to do business with Bitcoin company. As Forbes says in their article, “Now This Really Could Make A Dent In Bitcoin.”