Should Bitcoin be regulated?

The ongoing discussions in USA on Bitcoins has reopened the debate on how much the community needs to do to get the acceptance of Bitcoins by the main stream currency regulators.

There is one section of the community who profess by the anonymity of bitcoin transactions and would like to promote Bitcoins with no concern for the regulator’s worries on money laundering. However this approach may be self defeating.

On the other hand there is a growing section of Bitcoin owners who don’t mind a mild regulation which may permit identity of the owners of Bitcoin be revealed to law enforcement if need be. They may prefer a Pseudonomous system rather than an anonymous system.

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The undersigned is interested in the community working towards a self regulatory mechanism that brings more respectability to the system and avoids confrontation with the regulators.

Naavi

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About Vijayashankar Na

Naavi is a veteran Cyber Law specialist in India and is presently working from Bangalore as an Information Assurance Consultant. Pioneered concepts such as ITA 2008 compliance, Naavi is also the founder of Cyber Law College, a virtual Cyber Law Education institution. He now has been focusing on the projects such as Secure Digital India and Cyber Insurance
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