US regulators are leaving no stone unturned when it comes to suspending Bitcoins from all means of transactions. Facing enormous pressure by their authorities, OKPay, a renowned payment processor has decided to stop all processing for all Bitcoin exchanges, including Mt. Gox, world’s leading Bitcoin exchange.
Last month, it was Dwolla that came under similar pressure from US authorities and dropped all its Bitcoin transactions. In fact, there have been many other payment processors that have found themselves in between the US financial authorities and Bitcoins and decided to leave their battlefield rather than fall.
In a complete opposite scenario, Canada has been all supportive of Bitcoins and has shown promise to the exchanges to accept them. But if one sets a conclusion, Bitcoin is yet to succeed in this battle of its own existence. Somehow, it has to convertible into something, so that investors can think of it as a dependable currency. Though for now, the bitcoins can be shorted by using currency pairs, but what would be far better is to its convertibility in commodities.
But with the continuous diminishing exchanges in the US only, the Bitcoin has faced a blow right into its face. The term has been set fo
r the Bitcoin that it should rather fall in the line, or be completely out of it. As even US financial authorities think, Bitcoin should come under supervision for being regulated, and that is where the problem is actually lying.
US dollar controls the financial sector, without a doubt and almost every financial institution is directly or indirectly dependent on it. And if US bureaucracy perception over Bitcoin doesn’t change, the currency would find it rather difficult to sustain under an oppressor.
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