Introduction
The Bitcoin is a digital currency that is mined using computers and it’s mostly utilized for
online shopping and it’s currently in the process of being regulated to be accepted as a
valid payment method. Like any new currency there are regulations that must be made in
order to fully accept the currency. However, the Bitcoin is currently having regulation
issues across the country. Due to being a new currency, there has been some discussion on
how it should be regulated and what the solutions to the issue are.
Purpose of the Study
The purpose of the study was to determine the issues that Bitcoin regulation has in the
United States and how it can be resolved. The answers of the following questions were
search for:
1. What are the current issues that Bitcoin regulations have?
2. Why is important that Bitcoins are regulated?
3. Are the Bitcoins users communicating with regulators?
4. Which economic impact does a regulation for the currency has in the economy?
Methods and Procedures Used
Research was conducted through electronic search of periodicals and newspapers for
information and to learn about other countries that have Bitcoin regulations already on
place. The findings were used to research about the current regulations that are being
proposed in the United Stated. Furthermore, the research information was used to analyze
possible solutions and recommendation to the issue.
Background of Bitcoin Regulation
Since the introduction of the Bitcoin currency, there has been talk about how the currency
was regulated. The problem was that there were not regulation in place to regulate the use
of this currency making it difficult for the government to keep track of the legality and
usage of the currency. The principal problem with the usage of this currency was that it
didn’t have a form of tracking the real owner besides the use of an online account, thus
making it harder for the Government to know who is using this method. However, some
stores began accepting the use of this payment method outside of the online stores. This
acceptance of the currency by physical stores brought to the light the need for a regulation
to track and properly tax the use of this currency.
Current Issues
The issue with the regulation of Bitcoin has been going around since its introduction in
2008. The major issue with its regulation is that “Bitcoin is a decentralized digital
payments system that is issued without the backing of a government or any other
