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RE: Bitcoin’s new Competitor? Facebook obtains E-Money license in Europe..!!
It is very unlikely the EU regulator will allow that. Probably when the first european banks will start with public blockchains , then they will give green light. Maybe they will allow some experiment, if it will grow, they will just stop it.
Not entirely sure that will be the case. Facebook will soon have their own tradeable CryptoCurrency called the Facebook Dollar. Stephen
And the regulator will just tap in their shower, saying "now you must pay taxes here", as a Bank. Plus you are under control of the ECB, because you are now a bank, and we can send people to your office to audit your checks and your technologies. Being a Bank, in Europe, means being under supervision of the ECB. This licence allows the ECB to do full review of almost everything.
There is no need for a Regulator. The Blockchain by definition is Self-Regulating. Stephen
The regulator exists, is in charge, and can put you in jail, block your company, seize your assets. The fact you believe there is no need of it, is not relevant. Zuckerberg can say he doesn't likes the regulator, but, when Angela Merkel warned him about fake news, in 3 weeks he OBEY the government. Nobody is asked it he needs a regulator: if you have one, you just obey or go in jail.
Who regulates Bitcoin?.... or Steemit then..!! Stephen
Whoever government can ask the ISPs to block it, by instance. Not a real issue, the ISP can just NAT or TUNNEL ip64 your block (as UnityMedia is doing for other reasons in Germany, by example) and you will get lot of trouble using any P2P technology. The reason Bitcoin is not regulated doesn't means it is impossible: just means they never did. I worked 15 years into telcos, and I can tell you, when the government asks , ISPs can stop Bitcoin in a couple of weeks. Not even a stressing exercise, is just about traffic shaping. Bitcoin in particular, being mined mostly in China, is quite easy to mess up doing BGP blackhole of some networks. About steemit, regardless of how much you pretend of being decentralized, how many big servers having the full ledger you have? Do you think is that hard to BGP backhole them?