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ARTICLE · 08 APRIL 2014

Regulating the outlaw: The Bitcoin bandit

Corrs Chambers Westgarth
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The mainstream uptake of Bitcoin has left regulators wondering if governments should help or hinder this phenomenon.

AustraliaMedia, Telecoms, IT, Entertainment
James North
James North
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After only three years in existence the web-generated currency, Bitcoin, can pay for you to fly to space, shop on eBay, buy a luxury electric car, pay for a house deposit or order pizza. But the mainstream uptake of Bitcoin has left regulators wondering if governments should help or hinder this financial phenomenon.

The US Congressional Law Library recently reviewed how more than 40 governments are dealing with digital currencies like Bitcoin. Governments are scrambling to regulate, while still keeping in mind the potential for digital currencies to restore faith in the global economy and allow savvy countries to help businesses engage more securely and cost-effectively with global markets.

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