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Bitcoin Regulations are a Step Too Far say Bitcoin Foundation Director

Bitcoin Regulations are a Step Too Far say Bitcoin Foundation Director

When the director of Bitcoin Foundation, Jon Matonis visited Auckland, he defended the virtual currency by saying that there are many good things that the currency achieved which is far more pivotal than the notoriety it gained due to cheaters.

The digital currency was subjected to brutal attack by the executive director of NetSafe, a Cyber-Security organization, Martin Cocker who wasn’t afraid to admit that he is one of those people who wouldn’t mind seeing the untimely demise of bitcoin.

The Bitcoin Foundation

Established in 2012 in New York, Bitcoin Foundation was formed for the promotion of virtual currency and Matonis has served its executive director till December last year.

The reason for slander

The main reason why the bitcoin transactions have been demonized is because the transactions made over bitcoin channel are impossible to trace. This gives the cyber-criminals a certain edge when it comes to extorting money as ransomware without being detected.

This is a common occurrence when the criminals seize control over people’s computers and use malware to encrypt the files and then demand ransom for not deleting their important data.

Matonis Defends the Currency

To his defence, Matonis said that its use by scammer is a small price considering what bitcoin is capable of achieving. He further added that Bitcoins are like digital cash that can be highly advantageous in unbanked communities of countries like China, Argentina etc. Since Argentina exercises control over purchase of currency, this non-surveillance Bitcoin can be very helpful for the people to overcome the capital control.

He further said that the fraud issue can be dealt with as any medium of exchange is exposed to the dangers of being abused.

Despite these arguments presented by Matonis, Cocker seemed unimpressed and said that Bitcoin can mean anything to the world but it does not add any value to New Zealand. There is no reason why their country would be disturbed by the sudden disappearance of Bitcoins.

The Bitcoin Regulation by New York DFS

Only recently, Wall Street Regulator made announcement of new rules that will regulate the bitcoin transactions. These rules will be applicable in New York State only and would need both the parties to reveal their identity when converting Bitcoin to cash. According to Matonis, these rules are redundant and will make the bitcoin start-ups to launch themselves in other countries and jurisdictions. He fears that the government will regulate themselves out of business if they don’t follow caution with the rules. He believes that the department has been influenced by the banks to pass such regulations.

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