Another step in the path of an establishment of virtual currency was made as Federal judge affirms that BTC is a currency and needs to be regulated as such.
The outcome of last month’s Bitcoin Ponzi scheme incident is significant for Bitcoin users. Texan man, Tendon, T, Shavers, landed himself in a precarious position, when he was sued by US Secretary and Exchange Commission (SEC) for unlawfully using Bitcoin investment funds for investor withdrawals and his own personal use.
In the case against Shavers, a federal judge has ruled that bitcoins are “a currency or form of money,” and are therefore subject to relevant US laws. Fraudulent activity using the unregulated digital currency seems to have prompted the need for greater control and security in order to protect the public from further incidences.
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But the ruling leaves us with unanswered questions like: how will US law affect Bitcoin usage internationally? How will the shape and form of the digital currency change as a result of the ruling? And more…