[2015-08-10]Top U.S. Banking Official Calls for Balanced Approach to Bitcoin Reg

[cpapazian]

Top U.S. Banking Official Calls for Balanced Approach to Bitcoin Regulation

http://www.moneysedge.com/newsimage?id=314

The U.S. Comptroller of the Currency sounds off on his concerns with Bitcoin.

[marcus_of_augustus]

... too late.

[odolvlobo]

Again, they are conflating the "money laundering and terrorist financing" boogey man with "consumer protection". That is their game plan.

[EternalWingsofGod]

... too late.

For now the US is losing it's competitive edge in Bitcoin and digital payments, feels like they are oudated though.

In addition, some traditional banks and new online-only financial institutions have expressed interest in facilitating Bitcoin transactions.

Nonetheless, there needs to be regulation tracking virtual currency transactions, he said.

“That’s not objectionable in and of itself, but one of the attractions of virtual currency is anonymity, and so we need to be sure that federal banks and thrifts that participate are adhering to requirements of laws aimed at deterring money laundering and terrorist financing,” Curry said.

Kyc/AML not good enough, although he did mention google and apple pay as just incremental changes that don’t present major regulatory concerns.

Ah moneys rollin

[Kprawn]

“Mobile payment services like Apple Pay and Google Wallet could change the face of retail payments, particularly at the point of sale, while virtual currencies have the potential to transform the way we think about money,” he said. “New online services offer the prospect of a banking relationship that exists only on a smart phone or home computer, and peer-to-peer lending has the potential of upending a bank’s traditional role as an intermediary.”

I doubt, if Bitcoin would upset the Apple cart .... The Banks already started to shift gears to neutralize the threat, by investing in developing "Private Blockchains"

These "Private Blockchains" would be in a better position to adhere to the KYC/AML regulations and they will incorporate all the best parts of the Bitcoin Blockchain and the other Alt coins.

We have done the leg work for them, they just need to cherry pick the best parts and create the ultimate "BankCoin" backed by their "Private Blockchain"

For them, this is only a small bump in the road... We need to decide what route we will take in the Crypto currency jungle.