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What are the international financial regulators?

What kind of power do financial regulators have over the BitCoin virtual currency?

  • Should Bitcoin supporters care?

  • Answer:

    Bitcoin exchanges deal with large amounts of conventional money belonging to other people, and so must register as financial institutions.  Transactions that involve drugs or weapons would attract  the attention of ATF and DEA.

Igor Markov at Quora Visit the source

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As a practical matter, regulators have the ability to control how bitcoin interacts with the fiat currency world.  Depending on the regulations, they can allow bitcoin to flourish or to make this an odd curiosity which no one uses.  Also, by their actions, the regulators can make it easy/hard/impossible to start a bitcoin business, and they can influence how that business is structured. Yes, bitcoin supporters should care, and I'm hoping that bitcoin provides a way for people that are not ordinarily politically active to become politically active.  Rather than reacting to government action, bitcoin supporters should lobby the government and tell officials what they things should be done.  This is what the banks do.

Joseph Wang

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