Austria to Looking at Treating Bitcoin like Gold

Austria is looking at regulating Bitcoin like it is Gold

A country in Europe is looking at regulation of Bitcoin uniquely. Austria is looking at regulating the pioneer cryptocurrency Bitcoin as well it’s fellow cryptocurrencies, commonly known as altcoins, similarly to how they treat that of the commodity known as gold. The historic nation may also be looking forward to seeing what other countries in the EU will follow suit.

Governing Bitcoin like it’s gold makes it to where it has the same legitimacy of a worldwide standard commodity like gold. A commodity that has existed and has been as valuable for many centuries.

Regulations Across the world

Governments across the world are seeking to regulate Bitcoin and other cryptocurrencies in their own manner, countries like Japan, Singapore, Malaysia, South Korea, Gibraltar and even the United States of America have shown a more favorable stance to how they are treating Bitcoin and other cryptocurrencies.

Some of these nations have sought to place more regulations and clamp down like China, Russia, and others. Most are making certain they are imposing and collecting taxes while minimizing the aspects of money laundering, anonymity and anti-terrorism and other acts.

Many in positions of authority have expressed issues about the global nature of Bitcoin, lack of centralization, its ease of transference, and other aspects such as it’s unchangeable nature. As noted above, governments believe that Bitcoin and other cryptocurrencies help to spur the activities of criminals and other villainous sorts of individuals.

Time and time again, despite these accusations against  Bitcoin and other cryptocurrencies, fiat, especially the official currency of the United States and its insular territories, the dollar, is the currency of many a criminal organization and entity.

Austria’s Stance

So according to this belief, that many governments are standing by, the belief that Bitcoin and other cryptocurrencies are used to launder money, the finance minister of Austria, Loeger, has stated that the best way to minimize this issue would be through treating Bitcoin like a precious metal commodity. Treating it as such would give the additional regulatory measures, providing a set of barriers for minimal issues in regards to its use in money laundering and other illicit activities.

The finance minister told Bloomberg, that:

Cryptocurrencies are significantly gaining importance in the fight against money laundering and terrorism financing, that’s an important aspect for the changes we support. We need more trust and more security.”

Loeger on Initial Coin Offerings and other regards

The finance minister continued his comments on the matter of Initial Coin offerings, an extension of cryptocurrencies, saying that he thinks that they should be looked on straightforward securities and that the potential issuers of tokens through ICOs must go through more regulatory measures prior to their issuance and accept ETH, BTC, and fiat for their tokens.

Loeger also is in favor of pushing for a larger unified regulatory structure on Bitcoin and other cryptocurrencies. He should be meeting with other counterparts in countries like Portugal and other countries.

There is already scattered regulation across the European continent, France, England and more stepping up their efforts to study Bitcoin and other cryptocurrencies in its various forms, such as derivatives and more.

By | 2018-02-27T04:27:46+00:00 February 27th, 2018|Cryptocurrency News|0 Comments

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