Citing the reason that as the varied national and international legal rules that govern online transactions, the Bitcoin Foundation has commissioned the five page primer to help Bitcoin users and businesses evaluate and reduce the risk of being subject to unfavorable laws. Formed in July 2012, the Bitcoin Foundation has been quite active to help Bitcoin community.
The latest primer is aimed to help Bitcoin users from the Bitcoin Foundation which is dedicated to serving the business, technology, government relations, and public affairs needs of the Bitcoin community. The organization says that the key concept to understand is “jurisdiction which according to it is a government’s coercive power to hold individuals accountable to its laws.
Primer to Help Companies Avoid Troubles Regarding Jurisdictions
The brief primer according to the Bitcoin Foundation details steps companies may take to avoid making themselves subject to burdensome regulations. The primer is commissioned by Robert A. McFarlane, a partner in Hanson Bridgett LLP’s San Francisco office and chair of the firm’s technology law practice.
The organization hopes that understanding the content of the primer will help companies avoid making themselves subject to burdensome regulations or lawsuits in states that are unfriendly to Bitcoin. For instance, it suggests for IP blocking, screening based on user-entered address data, electing not to display ads to audiences in undesirable jurisdictions, etc. for companies.
Also, the primer recommends that by providing less interactivity to users in undesirable jurisdictions may demonstrate that a company does not intend to conduct business in a particular state. Jim Harper, Global Policy Counsel for the Bitcoin Foundation admitted that no Bitcoin business wants to exclude any jurisdiction.
Conduct Business in Jurisdictions that Embrace Innovation and Consumer Protection
However, according to him it is important to have that option; particularly, when regulations are unjustified by consumer protection benefits, the best course will be to conduct business in the jurisdictions that embrace innovation, the consumer benefits of Bitcoin, economic growth, and job creation.
The primer says that though Bitcoin holds out great promise for global financial inclusion as it allows people and businesses to conduct cross-border transactions with ease, there are some places wherein it may be in conflict. Doing Bitcoin transactions in such place users and businesses may fall in unfamiliar or burdensome foreign laws and that must be avoided.
To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com
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