The Internet of Money
As per a new report from Andy Yee (Google policy advisor). Bitcoin(if regulated correctly) holds the potential to pose` as “the Internet of money”
Yee, In an article for analysis on Internet Policy Review, argues that few sectors of the BTC economy should be focused with regulation modeled on the digital frameworks that currently exists. Notably, Yee is employed as an analyst for the Asia-Pacific division of Google.
Splitting the bitcoin space down into different layers, Yee made a conclusion in this article that merchants that connect consumers and investors with virtual currency should be subjected to regulations.
On the other hand, he added that developers and users are a poor target, due to the broader disposition of the Internet.
The user and logical layers are full of by private actors from the real economy and bitcoin space respectively. These actors are less in number and can escape from enforcement and regulation easily. At the layer of information, various kinds of intermediaries have come up to bridge the two networks. Their place in the Internet architecture offers them to capture flow of information and identify the wrongdoers. Additionally, they are more established and larger actors, making them become more amenable to regulation at state level
Restrictions not required:
A concern voiced by policy makers and politicians often is that BTC, as a technology, is so opaque that it can’t allow for legal boundaries to be relaxed. This is the reason why Yee and others suggests that any rules proposed should focus services that handle the money of the people actually rather than those developing software for digital currency.
Further, Yee stated that actually the block chain provides regulators with a trove of useful info.
Illicit use a non-issue:
Addressing the use of bitcoin in global narcotics markets, plus in other illegal activities, Yee stated that regulators are correct in targeting drug dealers but is required to abstain from unnecessarily harming law abiding members of this nascent field.
He adds that the discussion should not be controversial, since criminals using bitcoin are expected to redeem it for cash. At this point, those people must interact with companies at service-level that would fall under any regulations that proposed bitcoin.
Bitcoin exploration of Google:
Yee is not the first official from Google to move on the record and discuss the possible applications of both block chain technology and bitcoin.
For instance, the director of ideas of the company, Jared Cohen, called crypto currencies “inevitable” at the SXSW conference this year.
Moreover, Google itself also now offers BTC price, calculator and conversion info.