Business Is Eager to Embrace Bitcoin But Regulators Are Not
Within the last year, thousands of businesses across the globe have started accepting Bitcoin. It is apparent that companies, large and small, recognize Bitcoin’s added value, however, the threat of unforeseen regulations looms over those who both accept it as a form of payment as well as those who provide Bitcoin-specific services.
This threat was realized most recently with Ecuador banning all Bitcoin use last month. Most governments are unlikely to introduce similarly strict regulations, but uncertainty from a lack of legal guidance discourages Bitcoin innovation and adoption.
In Cleveland, the organization CoinNEO, founded by Nikhil Chand, initiated the Bitcoin Boulevard project. The goal is creation of a district in the heart of Cleveland Heights, Ohio, comprised of small businesses accepting Bitcoin. “Several other retailers involved with the Bitcoin Boulevard project have also started accepting Bitcoin and they have all seen additional revenue and added visibility within the region,” says Chand.
This post was published at Entrepreneur on OCTOBER 13, 2014.