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Federal Reserve Chairwoman states the Central Banking system has no authority over Bitcoin

With countries around the world restricting use of the virtual currency, a thought has been put forward to ban its use in the US as well

Feb 28 2014, 11:37am CST | by

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Federal Reserve Chairwoman states the Central Banking system has no authority over Bitcoin
Photo Credits: bitcoin
 
 

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Federal Reserve Chairwoman states the Central Banking system has no authority over Bitcoin

The bitcoin is pretty much secure at this time and is far from any interference from the Federal Reserve. The new Chairwoman Janet Yellen of the Fed has clearly declared that bitcoin is a virtual currency and there seems to be no reason why the Central banking systems should have any authority over it.

This is what the Chairwoman had to say while presenting a testimony in front of the Senate Banking Committee:

"This is a payment innovation that is taking place entirely outside the banking industry. It certainly would be appropriate, I think, for Congress to ask questions about what the right legal structure would be for virtual currencies that involve nontraditional players."

It is true that these types of currencies cannot be regulated properly without having any supervisor take care of them and many countries have already started restricting the use of bitcoin through legal ways. The time is not far when such legal restrictions would be put on the virtual currency in the United States where a Democrat from West Virginia has put forward a serious though regarding the ban against the use of this currency. But considering how widely recognized the virtual currency is, it doesn’t seem likely that there will be an law banning its use right away. A better option has been put forward by Japan's Ministry of Finance stating that all countries can work together to devise a set of international regulations. In the presence of such regulations, people will not be able to take advantage of the loopholes which can lead to abuse.

source: wsj

 

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Update: 11

Tokyo court starts bankruptcy proceedings for Mt. Gox bitcoin exchange, uncertainties remain

Source: Regina Leader-Post

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TOKYO - Bankruptcy proceedings began Thursday for the Mt. Gox bitcoin exchange, a move that was widely expected after the Tokyo District Court decided earlier this month that the company would not be able to resurrect ...
Source: Regina Leader-Post   Full article at: Regina Leader-Post 2 hours ago
 

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Update: 8

Bitcoin exchange MtGox to start liquidation process

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TOKYO: Failed Bitcoin exchange MtGox, whose spectacular collapse hammered the digital currency's reputation, is to be liquidated after a Japanese court ordered bankruptcy proceedings on Thursday, said a lawyer appointed to carry out the process.Tokyo-based MtGox went dark in February, shortly after it blocked Bitcoin withdrawals, claiming there was a bug in the software that underpins the virtual currency, making it v ...
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Update: 7

Bitcoin exchange MtGox to start liquidation process

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Update: 6

Bankruptcy proceedings begin for Mt. Gox bitcoin exchange

Source: Montreal Gazette

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Update: 5

Inside the ‘DarkMarket’ Prototype, a Silk Road the FBI Can Never Seize

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The Silk Road, for all its clever uses of security protections like Tor and Bitcoin to protect the site's lucrative drug trade, still offered its enemies a single point of failure. When the FBI seized the server that hosted the market, the billion-dollar drug bazaar came crashing down. If one group of Bitcoin black market enthusiasts has their way, the next ...
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Update: 4

Bitcoin exchange MtGox to start liquidation process: lawyer

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Update: 3

Tokyo court starts Mt. Gox bankruptcy proceedings

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Update: 2

Tokyo Court Starts Mt. Gox Bankruptcy Proceedings

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Update: 1

Tokyo court starts Mt. Gox bankruptcy proceedings

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<a href="/latest_stories/all/all/32" rel="author">Ahmed Humayun</a>
Ahmed Humayun is a technology journalist bringing you the hottest tech stories of the day.

 

 

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