In many ways the Internet
has been an incredible boon to business, but it has a few drawbacks. The same
can be said for the cryptocurrency, Bitcoin. It seems fitting thatCalifornia, the home of Silicon Valley, is the latest state to make Bitcoin
legal. While not considered official currency in most states, Bitcoin use is
not illegal and morestate governments are getting involved with Bitcoin.
New York recently said it would begin
accepting proposals to build a virtual currency regulation system, and the
Texas Department of Banking said it would permit Bitcoin transactions but noted
that Bitcoin transmissions are not legally currency transactions.
The near anonymity ofBitcoin,lack of legal control and potential
for fraud has made some governments wary of the online currency. In most
countries Bitcoin is neither completely legal nor illegal; it’s
somewhere in between. Some governments are concerned about losing control of
the money supply should Bitcoin become extremely popular. The potential for
fraud using the totally unregulated currency is also a concern. Despite their
doubts, only two countries have made Bitcoin illegal: Iceland and Vietnam.
Iceland shut the flow of incoming bitcoins, because its central bank restricts
how citizens may send money abroad. Vietnam’s government declared trading in
Bitcoin and other electronic currencies against the law.
Despite the doubts expressed by many
governments, the private sector continues to increase the use of Bitcoin. A
number of retailers, especially those in the tech field, have begun accepting
Bitcoin. Newegg became the latest with an announcement today. Dish Network has
also started accepting Bitcoin, becoming the largest retailer thatis not strictly online to do so. Intuit is another large retailer thatis beginning to accept Bitcoin. The online financial
companies PayPal and eBay have both indicated they may begin accepting Bitcoin.
This would go some way towards increasing its appeal. Despite its popularity,
Bitcoin will require a high quality electronic verification system.
With the global appeal of currencies like Bitcoin,
the threat of fraud is no longer limited to our countrys borders. Businesses
must adjust to this newly forming danger. The IdentiFraudsolutionprovides the peace of mind in knowing that, regardless of country, EVS can
establish efficient ID Verification with customers around the globe. Products
ranging from ID Card Verification to International Residence Verification are
effectively utilized to not only help US-based companies, but as well as,
international corporations looking to obtain essential fraud protection in the
global marketplace.
[Contributed by EVS Marketing]
