News

American Court Legally Declares Bitcoin A Real Currency

RT reports that a federal judge in the USA has declared Bitcoin a legitimate currency. This opens up the way for the digital crypto-cash to be regulated by government overseers, at least in the USA.

The case is notable in several aspects. First, it is the first known enforcement action predicated on a Bitcoin-based investment scheme, and comes at a time when US and foreign governments are devoting increasing scrutiny to the unregulated nature of the Bitcoin currency structure. In addition to these issues, the case may also have deeper ramifications going forward. Indeed, the case comes as federal regulators are increasingly tasked with policing non-traditional investments that share few characteristics with traditional investment vehicles such as stocks and notes”, wrote law attorney Jordan Maglich in a Forbes op-ed this week.

While the ruling is being used to prosecute a company who scammed users out of 700,000 Bitcoins, the same judgement could be applied to serve as a justification for U.S government regulation of the Bitcoin currency. Furthermore, if the U.S government chooses to regulate Bitcoin there would no doubt be moves by other western governments to do the same. It certainly wouldn’t be the first time the U.S government intervened as back in May they seized the payment account of Mt. Gox claiming the monetary exchange serviced falsified financial documents.

Image courtesy of Ibtimes.co.uk

Ryan Martin

Disqus Comments Loading...

Recent Posts

BenQ MOBIUZ EX2710Q 27″ QHD 165Hz 1ms, HDRi IPS Gaming Monitor

SpeakersSpeakersYesSpeaker amount and power output2x 2 WattDimensionsLength / Depth252.5 mmWidth614 mmHeight525.8 mmWeight7.4 kgStandards / SpecificationsAdaptive…

3 hours ago

Intel Core i7-12700KF 3.60GHz Socket LGA1700 Processor

Thermal SpecificationsMax. TDP125 WCPUCPU ManufacturerIntelCPU SeriesIntel Core i7CPU Socket1700CPU ArchitectureIntel Alder Lake-SCPU Cores12CPU Threads20Performance Cores8Efficiency…

3 hours ago

AOC 24B3HA2 24″ 1920×1080 VA 100Hz 1m Widescreen LED Multimedia Monitor 

AOC 24B3HA2 23.6 1920x1080 VA 100Hz 1m Widescreen LED Multimedia Monitor - Black High-performance clarity…

3 hours ago

Corsair Hydro Series iCUE Link H115i RGB Performance Liquid CPU Cooler

Fan SpecificationsFan Size140 mmColourPrimary ColourBlackSecondary ColourWhiteMaterialsMaterialsAluminium, Copper, RubberLightingLightingYesLighting ColourRGBLighting CompatibilityCorsair iCUEAdditional ContentsIncluded fans2x 140 mmTypeCPU…

3 hours ago

Philips Evnia 34″ 34M2C6500/00 3440×1440 QD-OLED 175Hz 1ms FreeSync Curved Ultrawide Gaming Monitor

This monitor is built with features that make incredible visuals. With VESA ClearMR 9000 and…

3 hours ago

Asus Radeon RX 7900 XTX TUF OC 24GB GDDR6 PCI-Express Graphics Card

The AMD RDNA™ 3 Architecture elevated by buffed cooling and power delivery to effortlessly churn…

3 hours ago