Commonwealth Governments Urged to Regulate Bitcoin

[tadakaluri]

Commonwealth governments should regulate bitcoin to address the risks associated with digital currencies without stifling innovation.

This was one of the recommendations put forward by the Commonwealth's Virtual Currencies Working Group during a three-day conference held in London this week.

After hearing from the banking sector, academia, virtual currency operators, users and law enforcement agencies, the group urged governments to re-consider their legislative response to virtual currencies such as bitcoin and strengthen law enforcement to counter criminal use.

To check the complete news article, visit here: http://www.coindesk.com/commonwealth-governments-urged-to-regulate-bitcoin/

This may lead to more volatile price for Bitcoin in coming days.

[manselr]

I don't understand how they are going to regulate Bitcoin beyond fiat to Bitcoin conversions. If someone gets paid in Bitcoin directly and buys something directly with Bitcoin from a merchant that accepts it, how are they going to keep track of said money? they can only do it if fiat is involved.