Is Bitcoin Doomed in the US?

Bitcoin, US, Future of payments, Payment, currency, virtual, winklevoss twins, Michael Parsons

Bitcoin may well be the future of currency, but it's plans for mass payment domination are being scuppered by nations worried about security and financial instability.

While the Bank of Thailand has already banned the currency, the US looks like it might follow suit. The FBI has begun an investigation after the Senate's committee on homeland security sent a letter this week to major financial regulators asking about the "threats and risks related to virtual currency."

Subpoenas have also been sent to 22 companies that have had some involvement with Bitcoin – including two companies run by Google and investors such as the Winklevoss twins.

The major concerns are the risks associated with transparency as tax evasion, fraud, money laundering and risks to national security. However it's because of this investors are flocking to this new form of money as it allows them far more flexibility and ownership of their money.

It'll be interesting to see what becomes of the currency in the States, especially if they manage to lift the lid on it and gain some insight.

However, seeing as there's no one single regulatory body for Bitcoin, nobody really knows who the inventor of it was, and transactions are all entirely encrypted, it's hard to see the US making any progress with this case at all.

 

At this year's Total Payments Europe, at Europe's Customer Festival, Bitcoin expert Michael Parsons will give you a complete rundown of everything Bitcoin and how this new currency and payment method has taken the world by storm. He'll also be on hand to field any questions you have – especially around the stability of its existence.

Download the agenda to find out more.

Bitcoin, US, Future of payments, Payment, currency, virtual, winklevoss twins, Michael Parsons

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