Is this a sign of what the powers-that-be have in store for the fledgling cryptocurrency industry? Is the recent U.S. Federal Court approval of IRS collection of the Coinbase user database just another hint of things to come?
BitLendingClub originated in Bulgaria 2 years ago, giving small businesses access to affordable loans from lenders all aroundc the world. The platform did not give many details about the regulatory pressure forcing them to dissolve, but users have 30 days to settle their accounts and operations will definitely cease in August of 2016. Here is a quote from their message to their customers:
Dear Customers,
We’ve worked extremely hard to build a platform and a community which is uniquely positioned to provide the Bitcoin ecosystem with a greatly needed service. However, over the last year or so, the regulatory pressures has been increasing to the point that it is no longer feasible to maintain the operation of the platform. We are regretfully announcing that we will have to begin terminating the services effective immediately. Of course, we will maintain some minimal functionality in order to allow our existing users to repay their loans and withdraw their funds.
In the recent years, cryptocurrencies have been operating relatively unhampered, but not under the radar of bankers and the authorities. What possibilities do Steemers see occurring in the future as the Steemit economy begins entering the mainstream world? Are there any weaknesses? Flaws? Any forseeable sources of legal problems?
Please respond with comments. It is best to plan for potential pitfalls before they happen rather than afterward.