United States Senator, Sen. Joe Manchin III, has written to the federal regulators to totally ban the virtual currency bitcoin, claiming it to be "dangerous," "disruptive" and "highly unstable."
As reported by NBC News, the letter addressed to the Treasury Secretary, Jack Lew, and several other regulators, states that bitcoin is a volatile and unregulated currency and has already been condemned by other major governments.
‘The clear ends of bitcoin for either transacting in illegal goods and services or speculative gambling make me weary of its use. The Senate Homeland Security and Governmental Affairs Committee issued a report just this month stating, “There is widespread concern about the bitcoin system’s possible impact on national currencies, its potential for criminal misuse, and the implications of its use for taxation.” Before the U.S. gets too far behind the curve on this important topic, I urge the regulators to work together, act quickly, and prohibit this dangerous currency from harming hard-working Americans,’ the letter mentions.
NBC News also added that the move came after the major turmoil due to bitcoin where Mt. Gox collapsed this week. The currency is highly volatile and indisputable. Bitcoin's value went from being $20 each to over $1200 worth over the course of a single year, before falling to its present value at around $500. NBC News contacted Manchin's office with several questions about the proposed ban, but hasn’t received a response yet.
Photo credit: manchin.senate.gov
