As businesses round the world, begin to understand and a few of them explore the world of virtual currency, especially bitcoins, nearer home, in California, there is official law which permits the use of this currency!
While many of the mainstream businesses which are overly active with pro-customer technology adoption have been adopting bitcoins transactions. A few examples to begin with are Overstock, Dish TV, and now Jerry Brown’s Californian Government.
Fortunately, there will be protection offered by the country’s Consumer Financial Protection Bureau. Up until now, the government has been enforcing issues as per law requirements. But as the virtual currency ascends commerce world, there is a need for consumer protection and it is necessary that CFPB is involved in protecting the consumer issues.
Typically the complaints lined-up with CFPB on regular commercial activities are in the region of 290,000. And currently the number of complaints with respect to virtual currency and bitcoin are in two-digits at 14 for the year. While digital currency enthusiasts may cry that the low complaint density is the benefit of using the virtual currency, the fact remains that there are only a handful of commercial establishments which are accepting bitcoins.
Interesting news bytes that, Apple Inc too has been favoring the virtual currency have been reported in the recent weeks. With bitcoins being part of the ecosystem of a reputed online commercial establishment as iTunes and iStores, it may not be far before other Operating System stores too open out and allow bitcoin based transactions.
So, while the debate on virtual currencies being adopted for mainstream use continues, it does remain a matter of importance, to understand, if current economic ecosystems have the infrastructure in place to manage virtual currencies systems effectively.
Bitcoin users are out there nodding their affirmative vigorously!
July 01, 2014 at 08:17AM
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