Don't expect US regulation of Bitcoin anytime soon
There have been calls from various governments and organizations to place limits or regulations on Bitcoin trading activity. However, it seems the US government is in no rush to restrict Bitcoin dealing at the moment. The White House cybersecurity coordinator, Rob Joyce, had this to say about the issue of regulating cryptocurrencies:
I think we’re still absolutely studying and understanding what the good ideas and bad ideas in that space are. So, I don’t think it’s close.
Bitcoin is a decentralized digital currency, meaning it is not regulated by any kind of central agency, such as a government or bank. Detractors of the virtual currency are concerned that anonymous usage encourages criminal activity and the lack of central backing means there are not enough safeguards in place to protect against Bitcoin theft. However, supporters of the cryptocurrency insist it remains unregulated as it offers a level of transactional freedom that established centralized currency cannot.
Bitcoin has endured another tumultuous trading day today, closing at US$9967.46 after reaching a high of US$10236.65 and suffering a low of US$9779.40.