The recent activities of the bitcoin community that has been made known to the wide society no engaged in the deals and trade of the crypto currency seemed to be fatal for the future of the alternative payment method. The most terrible influence might be suffered from the shadow of the recently terminated black market Internet venue Silk Road. Some authorities have even believed that the virtual coin is nothing else as a method to commit to anonymously commit crimes or money laundering.
Several bitcoin hearings have been held in Washington this week. The experts of the branch believed that the recent experience might lead to a more negative approach to the questions of bitcoin legalization as ever.
The course of events has proven to be the opposite – three members of the Obama administration have praised the currency. They are sure that the legal use of the currency will soon prevail over virtual crime that could have happened with any other payment method. Other orators tended to the opinions of these three officials.
To those who led to this result it was not a surprise. This decisions well influenced by lobbyists of the coin. Many developers, advocates, founders of services took part in discussions with the authorities about the matter to convince them on the positive future of this type of money. The main achievement is that the government will not try to influence the community or regulate its activities.
The first step towards bitcoin was a panel held in summer of 2013. It was not a pure praise of bitcoin as it was more devoted to the questions of children abuse and pornography and its distribution via Internet.
The next step was a governmental research on bitcoin. More than 50 specialists gave their opinions on the coin and its use. Among them are the representatives of the industry, government, science and nonprofit organizations, representatives of financial institutions, BTC Foundation, developers and other activists were also welcomed.
In August the research was continued with a letter to federal agencies to get to know their attitude to the matter. The results have astonished the authorities. During the Homeland Security Committee the results have been given to the auditorium. The statistics show that there is no preference of criminals for bitcoin. Other payment networks are even more popular among them. It means that white and clear deals will soon prevail in case more attention is paid to the bitcoin community in general. It should be protected from abuse of criminals as well as other important matters and valuables.
This work has led to the start of the conversation between BCT representatives and the state. The resulting meeting behind the closed doors at the end of the summer gave a positive result, but it would not be possible if there would not be a clear positive potential of the currency. Of course the charm, the ability to convince, knowledge of the advocates has played a role, but all the users outside have also showed that the government cannot turn its back to a big part of the population of the country – as law abiding as the rest.