Bitcoin regulation unlikely to happen anytime soon says White House official

Discussions on bitcoin regulations are going on across the globe with U.S. also taking interest on this front, but it has emerged that at least in the U.S. bitcoin regulation is unlikely to come any time soon.

According to Rob Joyce, White House cybersecurity coordinator and special assistant to the president, U.S. still has a long way to go before bitcoin is regulated in the country. This could come as a huge sign of relief for bitcoin investors, but it doesn’t mean that the regulations aren’t coming.

Speaking at the Munich Security Conference in Germany, Joyce said that measured approach to regulatory intervention in Bitcoin and the cryptocurrency space is required because rushed government measures could actually have unintended consequences. Joyce said that the government is currently studying bitcoin and other cryptocurrencies and understanding “what the good ideas and bad ideas in that space are” and this means that the government isn’t closer to regulations.

Previously Joyce had pointed out the inherent issues with cryptocurrencies specifically from the fraud aspect. He had mentioned that because how bitcoin works, it is not possible to rewind the clock and take back that currency after fraud has happened. In case of banks and credit card companies there is a possibility to reverse transactions and hence money could be returned; however in case of bitcoin and other cryptocurrencies there is virtually no means to protect those whose funds have been stolen.

“With the current instantiation of bitcoin and other cryptocurrencies, we haven’t figured that out yet,” said Joyce. “So it’s a problem.”

Cryptocurrency regulations are being discussed by many countries. Many countries have openly embraced bitcoin and other cryptocurrencies while others are talking about crackdowns and handing out sentences to all those involved in cryptocurrencies.

French Finance Minister Bruno le Maire and interim German Finance Minister Peter Altmaier have been calling for global crypto crackdown as they believe that bitcoin and other cryptocurrencies could bring about global financial instability.

British Prime Minister Theresa May has also expressed concerns over cryptocurrency’s criminal usage, stating that she is looking “very seriously” at cryptocurrencies “because of the way they are used, particularly by criminals.”

China remains firm on eradicating cryptocurrency trading from its borders, while India continues to send mixed messages — despite having no interest in banning Bitcoin. Switzerland, on the other hand, remains as crypto-friendly as ever.

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