Bitcoin to Make Presentation to the Seven Government Agencies Today

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Bitcoin to Make Presentation to the Seven Government Agencies Today
Bitcoin to Make Presentation to the Seven Government Agencies Today

Bitcoin to Make Presentation to the Seven Government Agencies Today

As representatives from at least seven government agencies are going to meet today to discuss Bitcoin, Bitcoin Foundation is all set prepared for answering their queries and concerns. The Bitcoin Foundation will also be making a presentation in front of the members from the government agencies in the scheduled meeting to help them understand the concept and concerns of Bitcoin.

The Bitcoin Foundation is for All Legitimate Use of the Virtual Currency

The scheduled meeting will again reiterate the Bitcoin Foundation’s commitment to comply with the existing laws. Earlier answering the charges by SEC against a Ponzi scheme operator had cleared that the use of Bitcoin is not a panacea for operating a legal and regulatory compliant business. It even warned consumers that they should be wary of “too good to be true” schemes.

Government’s Growing Concerns

Bitcoin Foundation will be giving a representation amidst a growing concern by the U.S. regulators and law-enforcement authorities on the fledgling virtual currency. Recently it seized Mt. Gox’s accounts and showed that it cannot accept the way Bitcoin is being traded by some exchanges.

Talking about the presentation and the scheduled meeting, Patrick Murck, general counsel for the Bitcoin Foundation views this as an opportunity for it to answer the questions and convince the regulators and authorities that Bitcoin is for bonafide use.

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He says that the Bitcoin Foundation will be making a presentation and answer questions from representatives of statutory bodies such as the Federal Reserve, Treasury Department, Federal Deposit Insurance Corp., Office of the Comptroller of the Currency, Internal Revenue Service, Federal Bureau of Investigation and Secret Service.

The Government Agencies Do Not Want the Wild West

It is clear from the latest measures by the government agencies that it does not want the Wild West and wishes to have complete control on Bitcoin trading and even worries about its use for contraband activities and money laundering. Today’s meeting is the latest sign that the government agencies are trying to figure out their jurisdiction in Bitcoin and its nuances.

Patrick Murck is pleased with the chance to provide more information to the authorities as he feels that it will help both the parties to move forward. It will help authorities know the exact nature of Bitcoin and at the same time it will provide an opportunity to convince the authorities that Bitcoin is all for honest use and enhanced user-experience and nothing else.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com