Bitcoin as a Commodity: What the CFTC’s Ruling Means



Virtual money is officially a commodity, just like crude oil or wheat.

So says the Commodity Futures Trading Commission (CFTC), which on Thursday announced it had filed and settled charges against a Bitcoin exchange for facilitating the trading of option contracts on its platform. 

CFTC is an oversight committee of the USA, established to protect the interest of the people who have invested in any of the commodities by ensuring the conduct of no malpractices. The commodity swaps are working according to the Commodity Exchange Act (CEA).

"In this order, the CFTC for the first time finds that Bitcoin and other virtual currencies are properly defined as commodities," according to the press release.

Considering a scenario, by comparing stolen money and stolen Bitcoin (post becoming a commodity), when stolen cash is reused nobody asks the owner of the cash any question but when a stolen product (commodity) like gold or Bitcoin brought for a reuse, that definitely is followed by a series of question.

Going back to the risks associated with the Bitcoin as a virtual currency, where the World's Largest Bitcoin Exchange Mt. Gox had to shut down its services because of stealing of Bitcoins.

Therefore, Bitcoins being a commodity will ensure its authorized and smooth swapping.

You can follow CFTC's official report to get an in-depth explanation.

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