U.S. State Banking Regulators Release Final Bitcoin Regulation Plan

     The US Joint Conference of State Bank Supervisors has released the final version of the regulatory model framework for electronic money . Although the framework is only a suggestion, it will advance the process of regulating electronic money economic activities.

     The CBRC proposed bringing companies that engage in third-party transactions or transfers of electronic money under the control of state banking regulators. In the final version released, the CBRC also defined "virtual currency" in a new way, focusing on the units themselves rather than the software that uses them. The framework revised its previous provisions for third-party audits of cybersecurity , believing that the conditions for this provision were not yet mature for enterprises.