Tuesday, August 27, 2013

Bitcoin regulation

Bitcoin is a cryptocurrency where the creation and transfer of bitcoins is based on an open-source cryptographic protocol that is independent of any central authority. Bitcoins can be transferred through a computer or smartphone without an intermediate financial institution.[9] The concept was introduced in a 2008 paper by a pseudonymous developer known only as "Satoshi Nakamoto", who called it a peer-to-peer, electronic cash system. (From wikipedia).

From a technological point of view the 'currency' emerged in 2008-2009. The earliest mention I can find on The Economist website is from April 2013.

The local Vancouver TV channel has run a couple of articles on Bitcoin lately.
There is this one on 'how to' and there is this one that ran on prime time news.

In August 2013 Germany recognised it as a form of currency in order to regulate it. http://www.dailydot.com/business/germany-bitcoin-official-currency/

Also in August 2013, a Texas court ruled that Bitcoin was a form of currency as apart of bitcoin fraud case.
An article on the decision can be found here, and the court document can be found here:

I thought it was interesting that Germany was the first to regulate it, it will be interesting to watch for changes in the policies of other countries. If I hear anything I will report it here.

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