Bankers Ask Fed to Regulate Cryptocurrencies

In a recently released meeting summary, of the Federal Advisory Council (FAC), which is composed of twelve representatives of the banking industry, it became clear that their agenda moving forward will include the regulation of cryptocurrencies.
While the bankers do not yet perceive Bitcoin and other digital currencies as viable competitors to their financial monopoly, the bankers did state that Bitcoin ‘regulation is advisable’, citing various security concerns that could continue to hinder its adoption, like price instability and numerous exchange failures.
The bankers, however, did not rule out embracing the digital currency and did suggest ways in which the banking industry could engage and participate.

This post was published at Altcoin Press on September 18, 2014.