Posted on September 6, 2013 by staff

Bitcoin Dealers Call For Regulation


Bitcoin dealers have appealed for regulation of the digital tokens, so they can be used for new companies and to promote growth.

Bitcoin firms, smaller banks and finance houses attended the meeting at Downing Street, where they claimed that big banks are blocking the creation of business accounts for money remittance due to concerns about illegal financial activity.

In America a judge ruled that Bitcoin is a currency, and in Germany it has been earmarked for private transactions, but no such developments have taken place in the UK.

Entrepreneur Tom Robinson, who attended the meeting, wants to launch a virtual currency exchange, BitPrice.

The absence of regulation currently means that there is no compensation for anyone who carries out a Bitcoin transaction and loses their money through failure on the part of the enabler or fraud.

Robinson believes regulation would have a positive impact on the situation.