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US Government to Emphasize on Cryptocurrency Risks Before Bitcoin Regulations

  • Rob Joyce, White House cybersecurity coordinator and special assistant to the president told US government is nowhere close to Bitcoin regulations.
  • At Munich Security Conference in Germany, he highlights on the better understand the cryptocurrency risks and benefits before undertaking regulatory rules.

Speaking with CNBC on Friday, Rob Joyce, special assistant to the president and White House cybersecurity coordinator, say US government is nowhere close to Bitcoin regulation. Instead, he wants to emphasize on better understand of cryptocurrency risks and benefits before considering regulations.

He said,

“I think we’re still absolutely studying and understanding what the good ideas and bad ideas in that space are. So, I don’t think it’s close”.

Bitcoin is a digital and decentralized as the transactions are anonymous. However, the critics have said that this currency gives much of the reason for its huge price gains in 2017.

Joyce said,

“It worries us. There are benefits to the bitcoin concept — digital cash, digital currencies. But at the same time, if you look at the way bitcoin works after there is a criminal act that takes place, you can’t rewind the clock and take back that currency”.

Meanwhile, he explains the issues in the case of credit card theft. Recently, several banking groups such as JP Morgan and Bank of America, Lloyds Bank, CitiBank, Virgin Money have entirely banned bitcoin purchase through credit cards.

He added,

“With the current instantiation of bitcoin and other cryptocurrencies, we haven’t figured that out yet. So, it’s a problem”.

Moreover, firms and leaders are splitting on bitcoin future. The IMF (International Monetary Fund) says it would have to be regulated. While in early 2018, the South Korea’s threat of regulations sent the currency falling. However, France and Germany are implementing on their regulatory system. Thus, there is the call from European Union lawmakers to have control over the currency that is using for money laundering, terrorism, and drug trafficking.

Further, Rob Joyce’s comments resounded to US Treasury Secretary Steven Mnuchin. He said in January at Davos conference that his primary concern on Bitcoin its used in criminal activity.

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Kerin

Kerin is active blogger and guest writer at Coinpedia. She loves writing new updates, price fluctuations and possible insights. Kerin frequently search, review and share her views among large audience via crypto media firms.

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