Approval for a regulated Bitcoin exchange is being asked for by Cameron and Tyler Winklevoss. The twins who have invested millions of dollars in the virtual currency aim to have the exchange, to be called Gemini, up and running later this year. Hopes for approval are high as financial watchdogs have encouraged recognition of Bitcoin and other virtual currencies as exchanges have been seen as the weak link in the trading of the cryptocurrency.
Work is already well under way on the new exchange and many banks have already put pen to paper and agreed to handle transfers and the Winklevoss twins have been busy in New York attempting to rally support for the project. Regulation of Bitcoin is seen as the only way that it could ever get a real foothold and become more mainstream, and this may also go some way to steadying value too. At present Bitcoin is trading at around $200 per BTC, a long way off it’s high of $1,200 in November 2013.
The existence of a regulated US Bitcoin exchange would spell big news for the virtual currency and of course go a long way in bringing it to many other users, those that in the past may have shown interest, but have backed off due to the gray legal areas. Unregulated exchanges, used by many Bitcoin traders have historically been hit and miss, with many users having had funds disappear when exchanges have gone bust, and regulation on that front would be welcomed by many. The interest in Bitcoin would surely rise should a regulated environment in which to trade it be established, and with Gemini, that may be sooner rather than later.
This could also spell a change in the relationship between online casino gaming and Bitcoin as although there are a few good US Bitcoin casinos in operation, it has yet to be embraced by the major players.
