Obama Urged To Decide On The Protection Of Bitcoins

Bitcoin is considered the currency of the digital world and blockchain is the technology behind the currency mining. It started to make a name for itself in 2009 and a lot of people are skeptical about it while others are passionate in pursuing the mining process. Majority of the bitcoin miners who have devoted a lot of time in the said technology are not happy if the government legislators jumped in to have a say regarding the digital currency. Government regulators, on the other hand, are doubtful about what the new currency is really all about.

It was only 2 years ago, in 2014, that there have been a number of government officials that have shown more interest to bitcoins and the technology behind it. Officials are not the only one who changed their mind but people who are already members of the bitcoin community have also changed their view regarding the matter. The Securities and Exchange Commission together with the Commodity Futures Trading Commission went ahead and approved a number of activities involving bitcoins that falls under their jurisdiction. Internal Revenue Service, on the other hand, released a statement regarding digital currencies involving bitcoins and they considered as properties and therefore taxable. It was also two years ago that the Chamber of Digital Commerce was installed in Washington, DC in order to help the makers of these public policy understand as well as realize the potential of this new digital currency and the blockchain technology it adapts.

During the development stage of the Internet, the Clinton administration made sure that the technology will not be regulated in a very strict manner thus the creation of the 1997 Framework for Global Electronic Commerce. This is to make sure that the laws and regulations put in place will not hinder the innovation of Internet. The commissioner of CFTC, Chris Giancarlo, is making the same call to President Obama in order for the digital currency to be protected and many people think that it is time for the president to take action regarding this request in order to let the public know that bitcoin is secure.