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The Law And Bitcoin

laws regarding new curriencies

With the addition of new currencies, there are laws behind the scenes that are designed to allow users and companies to operate on a level playing field. Some of these seem irrational, but others are strongly focused on anti-fraud statutes. With the addition of Bitcoin to many merchants’ payment methods, it raises questions as to how the laws apply both to users and to the companies.  Bitcoin’s Status as Currency Bitcoin is traditionally not seen as a currency by most countries. Why not? It has to do with how the currency acts in a practical sense, how it was created, and what it’s used for. In the case of Bitcoin, it was self-dubbed a currency - not issued by any central banking authority. This, in and of itself, excludes it from being a legit currency in the eyes of many bankers. It’s also denounced by many governments because they simply cannot effectively control or regulate it. Still other officials reject it because it is not standardised and is too volatile (compared to other currencies) to maintain a stable value necessary for a currency. However, none of this has stopped users from proclaiming it as a digital currency. In fact, many ...

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