US Treasury Adds Digital Currency Representative to Advisory Group

Coin Desk ^ | 18 March 2014 | Pete Rizzo

[Errant]

At the latest Bloomberg Breakfast event held in New York on 18th March, David S Cohen, Under Secretary of the US Department of the Treasury, discussed the challenges of digital currencies as part of a broader conversation with the media outlet’s Matt Miller to air on Bloomberg TV.

In the hour-long talk, Cohen spoke about the organisation’s role as a global leader in educating consumers and governments on the evolving issue, paying a particular interest to the potential illicit uses of digital currencies, as well as the measures it is willing to take to ensure their proper use.

Most notably, however, Cohen revealed that the Treasury is taking an interest in ensuring that the digital currency industry evolves in a regulated manner despite these concerns.

For the first time, Cohen said, his group will be including an unnamed member of the digital currency community as part of the Treasury’s Bank Secrecy Act Advisory Group (BSAAG) in an effort to work toward this goal.

[Errant]

Other News:

•Mt. Gox Allowing Users to Login, Check Balances

•With Bifubao’s Wallet, Users Can Prove Funds via Cryptography

•Bitcoin’s Growing Role in US Politics

•Bank of Thailand Says Bitcoin ‘Not Illegal’ But Warns Against its Use

•Database Glitch Causes Blockchain.info Outage

•DigitalBTC to Enter Strategic Partnership With CloudHashing.com

[Errant]

Click to be Added / Removed.

[JimRed]

Can I pay this years taxes in BitBucks?

[Fester Chugabrew]

Simulating the economy!

[Errant]

Perhaps you will be able to next year, even though the IRS still has time to setup payment through Bitpay! :)

[KarlInOhio]

Can I pay this years taxes in BitBucks?

No, but they will be more than glad to tax you (payable in real dollars) on any gains you make in bitcoins.

[no-to-illegals]

Since bitcoin is bankrupt, it makes sense.

[Errant]

My takeaway:

Most notably, however, Cohen revealed that the Treasury is taking an interest in ensuring that the digital currency industry evolves in a regulated manner despite these concerns.

They know they can't stop it now, so might as well join. This is true of any technology that proves its metal. Of course, crypto still is a work in progress.

[Errant]

Since bitcoin is bankrupt, it makes sense.

Bitcoin isn't bankrupt. One of the bitcoin exchanges (Mt. Gox) filed for chp. 15. But there are many more exchanges with new ones being added almost monthly now.

[no-to-illegals]

yep, I trust all counterfeit.

[mmichaels1970]

yep, I trust all counterfeit.

Based on the silliness and inaccuracy of your post at #7:

Since bitcoin is bankrupt, it makes sense.

You have no credibility on the subject to me.

I have no problem listening those who argue against the technology when they make rational and accurate points, and if they've done at least a shred of research into the subject.

You appear to have done none of these before weighing in.

[no-to-illegals]

suit yourself ... it is only your money to lose.

[mmichaels1970]

suit yourself ... it is only your money to lose.

That is a rational and accurate post. I agree with you there.

[no-to-illegals]

Am still looking in the post have tied to in order to find your rational ... your post #11. Were you simply venting because you believe in bitcoins?

[TsonicTsunami08]

Yeah, and the CEO is a suicide bomber! And, and, and it’s bad!

[mmichaels1970]

Am still looking in the post have tied to in order to find your rational ... your post #11.

Perpetuating false information (i.e. Bitcoin is bankrupt) is a pet peeve I suppose. Your post is only one of many that are putting out incorrect information.

Other incorrect statements that appear here frequently:

CEO of Bitcoin committed suicide.
CEO of Mt. Gox committed suicide.
Bitcoin is worth less than it was a year ago.

Were you simply venting because you believe in bitcoins?

Nope, as you said, it's MY money to lose. I have no problem with folks who decide not to participate, so long as they don't try to impede my freedom to do so.

[no-to-illegals]

What backs bitcoins ... the full faith and credit of what? Anyone betting on bitcoins is doing the unthinkable and giving their money or placing their money into something that is worthless. Am not surprised the fed is now going to place an advisor inside the fed. The fed is always looking for a better way to scam people out of their money. It actual makes sense the fed would want a bitcoin or digital currency representative on the fed. Is another way to remove people from their money. I’ll have fun watching though.

[dfwgator]

“Hi, I’m Fred, I have a bank...you got $1500, I’ll put it right here in my White Suit, front pocket.”

[no-to-illegals]

I want $2000 in cash first Fred. Then we will talk.

[mmichaels1970]

What backs bitcoins ... the full faith and credit of what?

Capitalism. A bitcoin is worth what somebody else is willing to pay for it. Bitcoin's value is controlled by "the people". If "the people" lose faith, it loses value. I can live with that.

Considering there are more businesses adding bitcoin support every day, it appears collective confidence is growing rather than fading.

I'll concede that events may occur where that confidence may be shaken or collapse. I just think it is becoming less likely every day.