Wednesday, 5 February 2014

Law Library of Congress Report on Bitcoin virtual currency

Foreign law specialists and analysts at the Law Library of Congress recently completed a report that highlights the emerging global discussion around approaches to regulating virtual currencies, particularly Bitcoin. The report, titled "Regulation of Bitcoin in Selected Jurisdictions" (25 page pdf), surveys 40 government jurisdictions and the European Union to compare Bitcoin regulation. The report notes that "Of the countries surveyed, only a very few, notably China and Brazil, have specific regulations applicable to bitcoin use..." and that "Bitcoin system’s possible impact on national currencies, its potential for criminal misuse, and the implications of its use for taxation” concerns many governments. The LLOC's report concludes that “Overall, the findings of this report reveal that the debate over how to deal with this new virtual currency is still in its infancy.”

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