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Global Talk of Bitcoin Regulation Ramps Up

Bitcoin regulation
Bitcoin regulation

NEW YORK (InsideBitcoins) — Bitcoin is increasingly the subject of discussion for banking regulators worldwide. Today, French and Italian authorities publicly admitted wrestling with the taxation, regulation and reporting of cryptocurrency transactons.

With growing acceptance in Europe, France faces the same challenge as every other government on the globe: how to manage the impact of a decentralized currency. Consumer demand is driving Bitcoin to a point in which it can no longer be ignored. The Monoprix, a major retailer in the France, has announced plans to accept bitcoin payments by the end of the year.

“We are well aware that we cannot fully breach anonymity,” admitted Michel Sapin, French Minister of Finance to Le Figaro. “But we will work on the points of contact between virtual currencies and the real world.”

The Minister is seeking to require customer proof of identification with bitcoin payments. There are also discussions to impose a cap on the total value of payments that can be made with virtual currencies.

The European Banking Authority (EBA) has warned banks not to buy, hold or sell digital currencies until proper regulations are in place.

Meanwhile the attorney general of Rome, Luigi Ciampoli, has once again voiced his concern regarding Bitcoin, calling for regulations that “give certainty and clarity to the traceable identification of all persons involved in the transfer of bitcoin,” according to Reuters.

Ciampoli previously spoke out regarding the “risks” of Bitcoin at the beginning of this year. The attorney general is calling for “appropriate legislation” that will enhance consumer protections and transaction transparency.

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