Janet Yellen, the Federal Reserve Chairman for the United States of America is on the record stating
“The Federal Reserve has no authority to supervise or regulate Bitcoin”.
This should give investors and folks weary of the decentralized theme for bitcoin a good heads up as to the advantages of this new currency/commodity (the debate is still open as to what cryptocurrency really is). Yellen is also quoted as saying
“It’s not so easy to regulate Bitcoin because there’s no central issuer or network operator.”
Many view bitcoin as something that is harmful. When you study the origins, and how it is used positively today, you begin to wonder why any Government would want to regulate something that is so good. Bitcoin is truly the economy for the people and anyone who says anything differently just does not know what they are talking about.
Janet Yellen interview with Congress on Bitcoin
Even if governments wanted to regulate cryptocurrency, it will still be hard for them to do so.
Because Bitcoin was created outside of the scope of banks, it is hard for any Federal Reserve Chairman to be able to regulate it. Without this regulation, bitcoin is allowed to operate differently when it comes to transactions. Digital currency eliminates the unnecessary fees that are sometimes associated with banking transactions. It provides an open-source community based transaction process than can be viewed by anyone, anywhere in the world, where the banks have a transaction process that can be viewed by the few.
Bitcoins do not have to deal with inflation. One of the big problems that any Fedral Reserve Chairman faces is the problem of inflation. Usually when the Fed bears down on inflation, the people suffer the most not the banks.
The beauty of the transaction process for digital currency resides within being open and private at the same-time. Private because you do not have to share your name, address, social security number, or any other potential private information that is usually associated with banks. Instead, bitcoin wallet addresses are handed out, represented by a string of numbers and letters that are distributed by exchanges on the web such as Coinbase and Blockchain.info.
The privacy factor gives peace of mind for many people who view that Government as having to much access to their financial affairs. Janet Yellen and the Federal Reserve have to instead focus on issues surrounding digital currency. Being unable to regulate bitcoin directly means folks interested in an economical resource free from big brother and big governments is here.
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