MasterCard Says the Bitcoin Should Be Regulated Like Other Financial Services

by Ben Jackson 0

In a letter to the Australian Senate Standing Committee onEconomics, MasterCard says that bitcoinshould be treated like other financialservices, CoinDesk reports.

In a document, the credit cardcompany argues that all financial services should be held to the same standard,stating that it is imperative all consumers and merchants are able to conductbusiness and commerce in a way that is safe and simple for all.

The article contains a pdf of MasterCard’s letter. In it,the company also advocates that a third party should be involved in bitcointransactions and that they should not just be left to the block chain forverification.

While MasterCard of course has a vested interest in bitcoinregulation, but that does not mean that all of its considerations areunfounded. The question for regulators is how much regulation is necessary tomake virtual currencies viable beyond a speculator’s market.

Overview by Ben Jackson, Director, Prepaid Advisory Service for Mercator Advisory Group

Read full story at Coin Desk

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