Funny stuff. The regulators are moving their lips. Someone do something! Not my job! Not my job!
"(Reuters) - Any regulation of the bitcoin crypto-currency should involve international cooperation to avoid loopholes, Japanese vice finance minister Jiro Aichi said on Thursday."
"It's not just the Ministry of Finance; many other agencies are related," Aichi told a news conference. "As for its legal position, a currency (under Japan's jurisdiction) would be coins or notes issued by the Bank of Japan. At the very least, we can say bitcoin is not a currency."
"U.S. Federal Reserve Chair Janet Yellen, appearing on Thursday before a Senate committee, said the Fed has no jurisdiction over bitcoin but that Congress should consider ways to regulate such virtual currencies."
Stay out of it, Lichtenstein. Keep your distance, Monaco. The
BTC community may need you soon.
Jumping ahead quite a bit - when they finally decide what actions they want to take about
BTC, I imagine they will get around to targeting the alt coins, including Gridcoin. I mention it because its main claim to differentiate itself is that it (hugely) enhances the crowd-sourced scientific efforts of BOINC, out of U. Cal. Berkeley. Projects include helping the academic community search for cures or treatments for cancer, HIV/AIDS, malaria and similar "good works". So - sooner or later - the regulators will find themselves trying to stamp out such activities. Interesting dilemma for them. Disclosure: I own some Gridcoins (and other altcoins) and I mine them sometimes with GPUs - I perceive no conflict with
BTC, which I also hold and mine with ASICs. I use this example because it is vividly real for me. I'm sure there are other altcoins that will give regulators fits, even if they come to think they understand
BTC. Many different crypto-genies are out of the bottle, and the bottle is probably far from empty.
