If 2016 proves itself even half as interesting as 2015, the industry is in for an eventful year. I can think of at least two developments to anticipate in 2016.
First, I predict we will see a federal Virtual Currency Transaction Report or VCTR. Admittedly, this is more of a report than a prediction, since FinCEN has suggested as much in informal comments.
Currently, bitcoin exchanges and custodial wallets must report any cash or coin (paper or metal) transactions above $10,000 in a so-called Currency Transaction Report (CTR). Because few digital currency companies have a brick-and-mortar presence, the industry as a whole files few CTRs.
This represents a blind spot in FinCEN’s financial surveillance. FinCEN has already dropped hints that it is considering extending the CTR requirement to bitcoin. We might see that as soon as this year. It might even be a part of a more comprehensive rulemaking.
Second, we will see states start to make laws concerning not only digital currency businesses, but also blockchain technology businesses. A tremendous amount of capital is flowing into the blockchain tech space.
I believe that states will begin making attempts to capture some of this revenue by offering incentives to businesses to home within their borders.
Topic: What to expect from Bitclin for the year 2016 full politics views. (Read 303 times)
December 22, 2015, 12:54:35 AM
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