Is the US Government Considering Regulating the Use of Virtual Currencies?

 

The latest news that the Federal Trade Commission is considering regulating the use of digital currencies such as the popular e-currency of the virtual exchange, the US dollar, seems somewhat perplexing. After all, the US government has already taken the step of prohibiting the use of its currency for purchases by the general public, something that was already done back in 2009.

This has not been the only time the government has tried to limit the use of digital currencies, although this is perhaps the most recent time. This latest move is a bit of a surprise to most people, however, and it may have something to do with the fact that the US government is already concerned with the risks associated with the virtual exchange.

In a recent blog post, the Department of Treasury released a document called a “white paper” that gave an overview of the risks associated with the digital currency. The document pointed out that it was a relatively new phenomenon that had become popular relatively quickly. In fact, it has only been in the last several years that more people have become interested in the use of the currency as a means of payment. This has resulted in the increasing popularity of the currency and its use as a means of currency exchange.

There has also been a significant increase in the number of individuals who are using the currency as a means of exchange. This may have resulted in the number of thefts and frauds on the digital currency, which is why the government decided to look into the matter and put forth this latest proposal.

What does this regulation proposal mean for the general public? Basically, it is a way of trying to prevent the use of the virtual currency as a way to gain an unfair advantage. This is done by ensuring that all transactions of the digital currency must be conducted through a third-party company, which will process the transaction for the consumer. The third-party company will ensure that the transaction is done in a timely manner and that there are no discrepancies, which would result in the consumer being cheated of his money.

The use of the regulation proposal in the current situation is a bit confusing, but it is important to note that this is only a proposal. There are no official regulations that are currently being enforced to date, so the only thing the government has is trying to do is to prevent the use of the virtual currency as a means of currency exchange.