Bitcoin holds potential to act as “the Internet of money” if regulated correctly, according to a new report from Google policy advisor Andy Yee.
In an article for Internet Policy Review, Yee, who works as an analyst for Google’s Asia-Pacific division, argues that certain sectors of the bitcoin economy should be targeted with regulation modelled on existing digital frameworks.
Breaking the bitcoin ecosystem down into layers, Yee concluded that businesses that connect investors and consumers with digital currency should be subject to regulation.
In contrast, users and developers are a poor target, he added, because of the broader nature of the Internet.
“The logical and user layers are populated by private actors from the bitcoin community and real economy respectively. These actors are small and can easily escape from regulation and enforcement. At the information layer, intermediaries of various kinds have emerged to bridge the two networks…
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