Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wp-graphql domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/stas-backend/public_html/bitcoinsv_io/wp-includes/functions.php on line 6114

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/stas-backend/public_html/bitcoinsv_io/wp-includes/functions.php on line 6114

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wordpress-seo domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/stas-backend/public_html/bitcoinsv_io/wp-includes/functions.php on line 6114
Bitcoin and blockchain don’t exist outside of the law

My Blog

Bitcoin and blockchain don’t exist outside of the law

As governments grapple with the challenge of striking a balance between fostering innovation and ensuring consumer protection.

The discussion surrounding blockchain regulation has emerged as an increasingly important topic in recent years among policymakers, industry leaders, and enthusiasts alike. As governments grapple with the challenge of striking a balance between fostering innovation and ensuring consumer protection, the ongoing discourse on blockchain regulation reflects the complexities and opportunities presented by this transformative technology.

However, there is no debate and it’s important to understand that blockchain and associated technologies do not stand outside of existing laws, says Marcin Zarakowski (Executive Committee Member at BSV Blockchain).

Blockchain is just the plumbing

‘What Bitcoin (and blockchain) are, the way I see it, is the plumbing. There is nothing special about Bitcoin that should put it outside of existing laws and regulations. All of the property laws that have been developed throughout the centuries apply to all the digital assets and value that is established thanks to Bitcoin,’ Zarakowski said.

He added that there is a tendency within certain aspects of the crypto community to perpetuate this myth that regulations and laws do not apply to the technology. ‘But it’s just the plumbing. Those digital assets are not different from real-life assets when it comes to laws and regulations,’ he said.

Stewards of the protocol

The Association’s mission is to protect the protocol and empower builders. This includes a​ data protocol that is scalable, open to anyone globally, usable for micropayments, and traceable within existing legal structures, he said.

This is further expanded by the Association’s focus on four key pillars:

  • Stability​ – The original Bitcoin protocol has everything needed to sustain a vibrant, scalable network.​
  • Scalability​ – Bigger blocks are needed to support the increased diversity of transactions which businesses want to perform.​
  • Security​ – Deliver unprecedented commitment to quality assurance and professionalised engineering.​
  • Safe Instant Transactions​ – The BSV blockchain roadmap treats safe, instant transactions as a key priority.​

‘As a steward of the original Bitcoin protocol we have the mandate to protect the protocol,’ said Zarakowski. ‘Nad by that we understand it is not only the legal aspect of protecting the protocol but also developing the necessary technical tools and infrastructure tools that allow people to use it,’ he said.

BSV Blockchain is pro-regulation

BSV Blockchain is pro-regulation and believes that the global adoption of blockchain technology requires enterprises and lawmakers to become comfortable with legal compliance by industry participants.

To ensure the development of a regulatory environment that both fosters lawful conduct and facilitates innovation, the Association regularly engages with leading policymakers to advise on the development of positive policy.

We believe that regulation provides clarity on legal obligations, encouraging compliance, good governance, and accountability. It also fosters innovation and market development by providing a clear legal framework, building trust, and attracting investment.

Ryan Brothwell

, , , ,
, , ,