BitLicense are Necessary Evil says the President of the Bitcoin Association, Greg Simon

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BitLicense are Necessary Evil says the President of the Bitcoin Association, Greg Simon,

The President of the Bitcoin Association, Greg Simon is of the view that Bitcoin regulation was around the corner as these are necessary for larger interest of the customers. He says that he knew Bitcoin was going to be regulated; it was quite obvious as the government couldn’t have companies and consumers exposed to risk without some sort of regulatory control.

It appears, the controversial BitLicense has proponents on both sides and they are all coming with territory. For instance, Greg Simon expresses his view that oversight was inevitable; however, some others like Jon Matonis are not quite agreeing to it. Thus, jury is still out whether Bitcoin regulation is good for Bitcoin or necessary for customers.

Nonetheless, Simon who founded a rewards program which was launched in late 2014 and has a vested interest in the NY regulatory scene was expected to come with such an opinion. Additionally, as Simon’s company, Ribbit.me, is soon to move their Head Quarters to New York, he would want to be in good books of the regulators.

Greg Simon was quoted saying that rewards programs are popular all around the world. However, according to him rewards are not viewed as currency and therefore a reward that his company is built on a blockchain platform also should not be treated as currency. Before becoming a blockchain enthusiast, Simon was an international banker.

Moreover, as his views on the New York BitLicense explain that digital reward tokens are exempt from the new regulation, he seems to be interested in getting a route that can protect his interest but keep all restrictions on digital currencies. Nonetheless, this sounds a dangerous precedence if set.

Views are influenced by His Vested Interests

Simon says the digital units that can be redeemed for goods, services, discounts, or purchases as part of a customer affinity or rewards program with the issuer and/or other designated merchants or can be redeemed for digital units in another customer affinity or rewards program, but cannot be converted into, or redeemed for, Fiat Currency or Virtual Currency.

Thus, the exemption from BitLicense will simplify his move to New York. He says that he is very happy that this is one thing that his company is not going to have to concern with immediately; rather, he can focus on what his company really wants to do and that’s building the world’s best rewards programme on the blockchain.

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