Coinsetter CEO suggests that there is no reason for concern following subpoenas issued last week.
On the 12th of this month, Payment Magnates reported that Subpoenas were issued by New York Department of Financial Services to companies involved in Bitcoin. The news had just broken regarding an investigation into 22 companies including Coinsetter, Coinbase Inc and BitInstant. Authorities motivated the decision as a mere inquiry into businesses using Bitcoin, in response to concerns of money-laundering and other mal-use of the digital currency – and others like it – with a view for greater regulation.
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In response to the events of last week, Jaron Lukasiewicz, co-founder and CEO of Coinsetter, has indicated that he is not too bothered and is quoted by Michael del Castillo, Upstart Editor, saying: “In the future, most people will use Bitcoin without even knowing it. Bank transfers will take place over the Bitcoin network, making transfers quick and inexpensive for both banks and consumers.”
If Lukasiewicz speaks for other representatives in the Bitcoin business, then we might conclude that they acknowledge regulation as having a place within its future. We could also conclude that the currencies (specifically Bitcoin) speak for themselves and that regulatory threats have little power over the potency and wide-spread adoption of Crypto-currency as an alternative payment method.