Re:The Slow Criminalization of Peer-To-Peer Transfers
by b1daly on Saturday June 03, 2017 @05:57AM
(#14475666)
Well, banks have tremendous restrictions on what they can do, in collusion, or unilaterally.
One very good reason for this high level of regulation is that banks are a primary component of the money supply system. Having a functional monetary system is a great thing, for the society as a whole.
It has aspects of being a public good. (Some people argue that banking should be made a government supplied service, for this reason.)
Almost every aspect of modern life is subject to laws and regulations, by a sovereign entity of some sort.
Such an entity has very valid reasons for regulating the use of bitcoin.
Even people using bartering systems have gotten in trouble with the IRS.
One very good reason for this high level of regulation is that banks are a primary component of the money supply system. Having a functional monetary system is a great thing, for the society as a whole.
It has aspects of being a public good. (Some people argue that banking should be made a government supplied service, for this reason.)
Almost every aspect of modern life is subject to laws and regulations, by a sovereign entity of some sort.
Such an entity has very valid reasons for regulating the use of bitcoin.
Even people using bartering systems have gotten in trouble with the IRS.