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White House: The US is Still Very Far From Regulation Bitcoin

White House: The US is Still Very Far From Regulation Bitcoin

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Special Assistant to the US President and White House Cybersecurity Coordinator Rob Joyce believes that there is still a long way to go before the US government begins to regulate bitcoin and other crypto-currencies. He said this in an interview with CNBC during the Munich Security Conference that is taking place these days.

According to Joyce, before taking any rules of regulation for crypto currency, you need to better understand their risks and benefits.

“I think we are still at the stage of studying and understanding bad and good ideas in this area. So I do not think that something will appear in the near future, ” he said.

At the same time, Rob Joyce admitted that the US authorities are experiencing a certain concern regarding the crypto currency.

“The concept of bitcoin has its advantages: digital money, digital currency. At the same time, if you look at how bitcoin works in the light of criminal acts, then you can not rewind time and return this currency, ” he said.

At this point the presidential aide stopped separately, noting that in the case, for example, credit card theft, individuals or companies can apply to a bank that can cancel transactions and return money.

“We do not yet understand how to do this in the current implementation of bitcoin and other crypto currency. And this is a problem, ” added Rob Joyce.

Earlier, the head of the International Monetary Fund (IMF) Christine Lagarde said that the organization is trying to prevent the use of crypto currency for money laundering and terrorist financing, adding that their regulation at the international level is inevitable.

Also this week, the US Futures Trading Commission (CFTC) announced the creation of a working group to regulate the crypto currency industry.

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