University Professor to Canada Senate: Bitcoin Users Must ‘Get Their Money Back’
Bitcoin Aware | Aritcles | University Professor to Canada Senate: Bitcoin Users Must ‘Get Their Money Back’Continuing its open ear policy towards digital currency, the Canadian Senate last week held an in-depth Q&A with an industry spokesperson on the topic of handling Bitcoin in the long-term. Echoing Andreas Antonopoulos’ appearance last October, Samir Saadi sat before the Senate Committee on Banking, Trade and Commerce to field a variety of queries relating to how best to handle the issue of regulation and public exposure to cryptocurrency. Saadi, a lecturer at the Telfer School of Management at the University of Ottawa, highlighted recent involvement of the traditional finance industry in Bitcoin, and indicated the need to provide constructive regulation to achieve a balance between safety and space for innovation. He explained in his opening statement:
The bitcoin community, from what I read, is looking for regulations to legitimize their business. В So if you regulate it, you give more legitimacy and credentials [. ] in the long run there will be more and more users of bitcoins, so the volume will go up, and this will stabilize the volatility in the long run. в
The issue of the need’ for regulation within the cryptocurrency industry remains a source of contention among many of its players. While Saadi suggests that regulation is what they’re [the Bitcoin community] looking for,в his focus contradicted that of Antonopoulos just months earlier, the latter highlighting the dangers of attempting to regulate decentralized mechanisms. So I think that removing ambiguity in that particular arena for personal use would be enormously useful,в Antonopoulos had stated, referring solely to the issue of tax status. For business, he advocated a wait-and-see approach, arguing that [w]hen properly architected, bitcoin financial services are not vulnerable to central pointing of failure which would necessitate heavy handed oversight and regulation. в
Refunds and anonymity’
On the topic of consumer protection,… cointelegraph. com/news/113822/university-professor-to-canada-senate-bitcoin-users-must-get-their-money-back