US Bitcoin Task Force to launch first rule-book
According to media reports, a group of US state regulators are working together to release world’s first bitcoin rule book
WASHINGTON (Scrap Monster): According to media reports, a group of US state regulators are working together to release world’s first bitcoin rule book. The rule book is aimed at providing more transparency to bitcoin transactions and to protect users of the crypto currency from fraud.
The Emerging Payments Task Force was set up in February this year to study the modern payment mechanisms including Bitcoins, mobile payments, PayPal and online money transfer schemes. The Task Force consists of 9 members from Conference of State Bank Supervisors (CSBS), who are given approximately a year to conduct the study.
The rule book is likely to propose model regulations with regards to which operators need to be regulated. It may also contain model definitions of various bitcoin transactions. The Task Force believes that regulations on Bitcoins are necessary as some retailers in the country accept bitcoins as payment in their physical and online stores. As of now, federal government has absolutely no control over Bitcoins. Despite the collapse of Mt. Gox- the Tokyo-based bitcoin exchange, the bitcoin transaction volumes are seen growing in many states.
The rule book is likely to propose standard operational procedures to ensure that the bitcoin companies in the country operate within stipulated safety parameters. It is likely to address much of the concerns use of bit coins, as currently the transactions are not regulated by a central authority.