With more power comes more responsibility…
It has been issue of debate for long regarding the freedom of bitcoin. California has proposed a bill in reference to unlicensed business of bitcoin. Which are expected to be threat as it could be used in terror acts. As per bitcoin is an absolutely decentralize body which has more pros than cons. So it is also being seen as a step to create grip by corporate world for profits due to its increasing boom in market.
Regulatory body over bitcoin could be seen a benefit to the business as well as invasion attack on the cryptocurrency to increase the lost value of fiat currency. If talked about pros it would be a major step in field of legal mining and distribution of bitcoins at much more larger platform. But drawbacks could be serious as it invades on the basic concept of decentralization of bitcoin. Well as the bill is still under consideration and expected to come in 2016, it would be a great turning point to be seen in the world of cryptocurrencies.
Because of the legal muddle, some Bitcoin services are considering moving overseas.
The California bill is a step toward legal clarity for Bitcoin services. The “Bill Analysis” reads:
This bill makes clarifying changes to current law to ensure that various forms of alternative currency such as digital currency, points, coupons, or other objects of monetary value do not violate the law when those methods are used for the purchase of goods and services or the transmission of payments.
Under the bill, increasingly popular alternative currencies like Litecoin, Peercoin, Namecoin, and even Dogecoin, would be on the same legal footing as Bitcoin.