Finally, the long wait is over. Those who have been involved in the act of purchasing, mining, trading, and even selling the virtual currency “BitCoin” is now able to accept all tenders legally…according to the CFTC!
Bitcoin is paving the way for future online digital purchases both domestically and internationally. The United States CFTC, has finally given the Bitcoin a status of an official commodity and that it must be regulated!
The virtual money “Bitcoin” is now being recognized and even accepted in major banks all over the world, this is resulting in its increasing acceptance every day. The developments of Bitcoins are indicating that they are slowly, but surely, will be adopted into our everyday life.
The CFTC (United States Commodity Future Trading Commission) has granted the digital currencies the proper status of becoming an official commodity. The commission stated that Bitcoin operators must indeed register their corporation immediately.
The final decision has been brought forth shortly after the CFTC as well as our friends at the FBI in which had jointly carried out an extensive investigation upon the activities of the know Coinflip Inc. Coinflip Inc had allowed several users to trade their Bitcoins rather easily in terms of Bitcoin trading. After the investigation, Bitcoin was accused of operating financial services without complying by the CEA or even the CFTC regulations.
On the other side of Bitcoin news, one of the world’s largest banks has recently announced a collaboration to look into the development of blockchain technology (Blockchain is the bases of all the virtual currencies). The nine banks in which are a part of this agreement are JP Morgan, Credit Suisse, BBVA, Commonwealth Bank of Australia, State Street, UBS, Royal Bank of Scotland, Goldman Sachs, and Barclays.
“After the investigation, Bitcoin was accused of operating financial services without complying by the CEA or even the CFTC regulations.”
Bitcoin is not a company.