Is Bitcoin becoming a more accepted currency? You decide based on these 3 Bitcoin News Updates. The US government auctioned off an estimated $17 million worth of Bitcoin on Friday.
Venture capitalist Tim Draper won the bid for nearly 30,000 Bitcoins. Mr. Draper, in partnership with the Bitcoin exchange start-up company Vaurum, said he intends to “provide liquidity and confidence to markets that have been hamstrung by weak currencies.” By making Bitcoin available in emerging markets, consumers without access to traditional banking may find solutions for financial transactions through Bitcoin.
Read more on the big win for Draper here.
Canada first country to directly regulate Bitcoin businesses:
Canada’s Bill C-31, the world’s first Bitcoin focused law, will impose regulations on any Bitcoin businesses dealing with Canadians. The law will require businesses to register with FINTRAC and maintain records for verification and transaction reporting. While it’s unclear how these regulations will be enforced, it is a step towards further legitimizing Bitcoin as a currency.
US Congressman Jared Polis pledged to protect Bitcoin:
Congressman Polis said he plans to defend Bitcoin against attempts by the US government to restrict growth of Bitcoin and Bitcoin exchange start-up companies. When Senator Joe Manchin called for a ban on Bitcoins in March, Congressman Polis responded with a call for a ban on dollar bills (read more). He expressed concerns about the instability, lack of regulation, and uses in illicit activity.
Bitcoin seems to be gaining more public support as an accepted currency.