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Information Bitcoin is beyond 'Choking' the protection of consumers, the authorities of the Liquidation have been paid in advance


Title :  Bitcoin is beyond 'Choking' the protection of consumers, the authorities of the Liquidation have been paid in advance
Lasting :   7,4
User :  Zuktilar
Date of publication :   2019-09-23
Views :   546
Liked :   883
Downloaded once :   35


Frames Bitcoin is beyond 'Choking' the protection of consumers, the authorities of the Liquidation have been paid in advance





Description Bitcoin is beyond 'Choking' the protection of consumers, the authorities of the Liquidation have been paid in advance

The CFPB, which did not include state oversight and consumer protection in the financial sector, bitcoin and other virtual currencies and the products of the new prepaid regulatory requirements.

Virtual currencies like bitcoin and their products, which is outside the scope of a new prepaid settlement [PDF], as amended, the office for the Financial protection of consumers (CFPB), a new final decision on Wednesday showed.

The operation revealed that prior to the decision, the Agency of the government has revealed that a number of commentators have registered for participation in the decision-making of the office. Those who sent their comments and opinions on banks, a wallet, a service of digital currency exchange, industry, professional associations, consumer associations, a law that the company, which is a coalition of prepaid users and non-government organisations, the virtual currency, the policy of the organization.

The Case

The decision was determined, to see whether or not digital currencies such as bitcoin, eventually fell into the scope of the regulation [PDF] for the implementation of the law on the Electronic Transfer of funds.

In principle, the regulation provides consumers with the protection of law, while the use of electronic transfer of funds, and the transfer-transfer systems. All of this is, of course, in and of itself a good thing, the existing laws will not be determined on the basis of the function of the ecosystem, financial, until recently, digital currencies.

If the regulation And includes virtual currencies under its jurisdiction, the digital currency lawyers and industry experts believe that the settlement will proceed without the determination and the search for innovation can slow down your Fort.

FOR Bitcoin regulation. Banks.

The final decision has shown that the two organizations representing banks argued that digital currencies should be included in the definition of "prepaid account".

It is interesting to note that these associations of the category "presented a definition of a virtual currency called the office to accept." The definition itself has not been revealed, but the BCC is looking for it.

Stating virtual currencies as a "bottom" is determined, as with the EFTA (European Free trade Association), the banks, the associations of the representative declared that the virtual currency products and systems with a risk for the consumer, compared to the fiat currency systems compatible.

AGAINST Bitcoin regulation, The Digital currency sector, interest groups

One of the main arguments against the regulation And bitcoin is its ability to stifle innovation.

A further important statement of the commentators, because, had the office not explore enough of the virtual currency in the sector (confirmed by the CFPB itself), and that each project developed, a decision on the extension of the provisions to GPR (General Purpose battery) cards, it would be "inappropriate" to the virtual currency of products and services.

A law, that the company, is a coalition of users of prepaid cards are not supported, the supported by the office of declarations of intent for the protection of digital consumers and users of the currency, but the prepaid card of rules for the industry. In addition, the virtual currency in the trade of the Association, in accordance with the implementation of the consumer protection, with a process of regulation is that, far away from the prepaid regulations.

Without a doubt, this club, the chamber of Commerce to-Digital (CDC), Washington DC-trade-organization that promotes and defends the digital currency and the technology of the blockchain is. In his remarks [PDF], the CDC said:

We insist on the fact that the camera is the provision of consumer protection for the customers of the virtual/digital currency for companies that are involved in the function identically regulated in the CFPB.

These protective measures should include consumer data for the development of the value of the currency is determined, the consumer's rights against the settlement and the correction of errors, and how to get it in the transactions could be through the use of fiat currency, in order to prevent possible allegations of unfair, deceptive or abusive acts or practices.

However, these initiatives provisions provides that it may be outside the framework of the Proposed scheme.

A further relief, the digital currency, industry, interest groups, political parties of the centre, stressed that the low rate of the introduction of currencies, the digital consumer as the reasons for the exclusion of the decision. Supports especially, as many other commentators have claimed that the CFPB was not sufficiently researched, virtual currency sector, is necessary for the purposes of effective regulation for the sector.

In his remarks [PDF], the currency, the centre has written:

In view of the necessity of fair procedure in terms of virtual currency, company, need, sense and, perhaps, new strategies for the protection of consumers in respect of currency, virtual technology, and the relative slowness of the introduction of the virtual currency we suggest respectfully that the office officially liberated virtual currencies of this regulation.

Coin Center also has the Bureau wrote that companies such as bitcoin wallet provider BitGo and digital transmission Note (formerly BitReserve), other bitcoin companies," appreciate the opportunity, in addition to an office" to implement a careful and deliberate law-making.

The Judgment

In particular, the Bureau had previously stated that its analysis of virtual currencies and the industry is still approach. The decision on various comments and opinions presented, the CFPB wrote:

The proposed scheme does not solve specific problems regarding the application of existing rules or the proposal of virtual currencies and their products and services.

Therefore, even if they received the office, a couple of comments on the virtual currency products and services, the office recalls that the application of the rules, And this final rule for these products and services outside the scope of this regulation.

Immagini Shutterstock e il CFPB.



Comments Bitcoin is beyond 'Choking' the protection of consumers, the authorities of the Liquidation have been paid in advance



Noah Vang Channel
Missed Bitcoin from the start? Try Pi Network www.minepi.com ... invitation code is vangmn. Could be big like BTC. Good luck!
Comment from : Noah Vang Channel


MSMGTA
I hear a lot of talk about a worldwide recession in 2020 on the news lately. What do you think that will do to bitcoin?
Comment from : MSMGTA


Pablo Castro
Progress they say shows when hardwork is put into a venture. I was experiencing lapses in putting enough work into trading,and my job made it nearly impossible for me to earn. Until I came across Mr Gary winks , turned my life around, I'm so grateful👏👏.
Comment from : Pablo Castro


decanted
Duuuude, its Van Eck, not Van Ike. Its Eck, like Heck but without the H. Sorry bit my tongue the first time but now have to mention it ✌🏻
Comment from : decanted


Chris in FPV
I think we demean ourselves as a sector talking about time travelers, don't we?? That said obviously if BTC is 100K in 3 months I'm all aboard the time travelers lol
Comment from : Chris in FPV


Petrean Tudor
tron :))))) band of noobs
Comment from : Petrean Tudor


Javier Vazquez
BUY 1 BITCOIN TODAY AND HAVE FINANCIAL FREEDOM on December 2025
Comment from : Javier Vazquez


antonioh Lopez
Tom lee don't know shit! he's always wrong...
Comment from : antonioh Lopez


Jack June
Why aren't my smashes making btc go up?
Comment from : Jack June


Edward Myers
What do you think about TRISA?
www.coindesk.com/ciphertrace-enters-race-to-solve-cryptos-fatf-compliance-headache

Comment from : Edward Myers


Kareem R
my opinion i think some alts have potential on a quick speculative pump.. alot have great technology, but me personally not putting much faith espically with powers that be. i like vet,ada,trx in the long run though how would that make me money. bitcoin has such a huge marketcap. its gonna take alot to destroy that value. money talks
Comment from : Kareem R


Erno Veresh
Big move to the Downside.
Comment from : Erno Veresh


Randy Black
Big September Drop . . . Followed by Big October Rise
?

Comment from : Randy Black


david firnstahl
Bakt + halving = $
Comment from : david firnstahl


Jeff Higgenz
Alt season is not possible with us hodlers talking about it every day. This requires a mass amount of noobs. I don't know anyone interested at this point. This bear is still fresh. 2021 is a better expectation
Comment from : Jeff Higgenz


Robert George
Just buy hold and shut your ears. Too many experts have been wrong too many times. Can't trust any one of these experts.
Comment from : Robert George


Kev
Great job George!
Comment from : Kev


Crypto Quartercrawler
Excuse me, I need to take a Dump.
Comment from : Crypto Quartercrawler


Crypto Polar Bear
Feeling like this the calm before the move up like the end of 2013. Very similar.
Comment from : Crypto Polar Bear


JR4EVR
I'll bet U that it won't happen before Bakkt is operational on the 23rd!!!
Comment from : JR4EVR


QUEENS_RACES
U showed a video of the rsi at the bottom and said we were going over 14k like 5 weeks ago and nothing happend still...
Comment from : QUEENS_RACES



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