What is a Government’s responsibility when it comes to Crypto-Currency?
If there is regulation then it is because those making the regulations have figured out how to get the most taxes from the Crypto-Currency Market.
If there is no regulation then I have to say it must be nothing more than to bring attention to the public. Anything else is interfering with commerce. All this makes me think of the health warnings on packets of cigarettes: Danger, Crypto — Currency will give you lung cancer! NO it won’t. But, if a person is cautious and reads carefully, or even just reads a little bit Ithink the public can be responsible for their own actions. Hey, Cigarettes are addictive and can encourage our youth to take drugs! Maybe Crypto-currencies can also lead to gambling and maxing out credit cards? Maybe, but people do that anyway, how can anyone bring that argument to the table!
What about Governmental opinions: What do the Chinese and Indian’s say? China does not allow the exchange of digital currency. India say Bitcoin is not legal right now. How about Japan? Well, Bitcoin is legal currency in Japan. USA? Totally legal. And yet, William Galvin, the Secretary of the Commonwealth of Massachusetts says the Bitcoin Market “doesn’t pass the smell test”. His responsibilities include overseeing the state’s securities division. Glad he used his high office to make the threat that the Bitcoin Market has risks. Makes me think of 18 U.S. Code § 1951 — Interference with commerce by threats or violence. Imagine, all these threats from persons of authority stressing their rights to bring these statements because of their political positions.
Lucky for Galvin, he also said he was not coordinating with other state regulators on the issue of Bitcoin and its danger at the moment. But, imagine, what will it mean when these politicians get together. You can be sure it wont be to print labels on Bitcoins.