Excerpt from CalvinAyre.com
At present, the Bitcoin industry is facing the same struggles the online gambling industry faces when it comes to US regulation- it has become a state by state process. Constance Choi, General Counsel of Payward, revealed that she has had conversations with the US Treasury about the tediousness of explaining Bitcoin to all 50 states. Their response? Its up to the industry to survive these barriers of entry. “No special rules are going to be made until we’re big enough to have special rules made for”, she said. According to Choi, the Treasury is not against innovation, but in the meantime we will have to abide by their rules.
Patrick Murck of the Bitcoin Foundation advised that Bitcoin entrepreneurs be wary when entering the US market because they are actually dealing with 49 states as opposed to just one country. As a result of this state-by-state mess, there is a huge opportunity globally for other countries to take the lead. Murck suggested finding “Bitcoin-friendly” countries such as Panama where the barrier to entry isn’t as high. “Later down the line build roads back into the US”, he said.
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