Bitcoin companies might announce the creation of a self-regulatory committee very soon

Last updated on March 17th, 2015 at 11:18 pm

Some cryptocurrency-related companies are teaming up to defend and boost digital currencies like Bitcoin, in order to make them legitimate and more easily accepted by the authorities. The group is expected to announce the creation of a new self-regulatory organization called Committee for the Establishment of the Digital Asset Transfer Authority this Tuesday (30), according to the Wall Street Journal.

With this project, the team intends to promote a strong and united answer to the north-American governments and federal regulators, which are making Bitcoin’s life very difficult, especially in the United States. The main goal is to set a group of common rules that can prevent money-laundering and ensuring that cryptocurrencies are following the law.

Jeremy Liew, a partner at Lightspeed Venture Partners, says that “for new payment technologies such as Bitcoin, Ripple, Ven and other digital currencies to realize their full potential, making commerce cheaper and easier around the world, users will need to have trust in the integrity of the companies in the ecosystem”.

“This trust comes from association with trustworthy investors [and]trustworthy business practices and the adoption of trusted regulatory oversight”, he adds.

Besides this group, another team of Bitcoin supporters also plans to make an important announcement this Tuesday: they created a charity called BitGive Foundation that will help environmental and public-health institutions around the world with Bitcoin donations. This group includes big companies like BitPay or the Bitcoin Foundation.

Maria Santos

Maria is an experienced journalist currently living in the UK. She has been writing about Bitcoin and the altcoin universe since 2013. She is also a member of the Lifeboat Foundation's New Money Systems Board and a big cryptocurrency supporter.
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