Bitcoin companies seem to be focusing on regulation and gaining mainstream acceptance these days, with startup firms hiring former Fed officials as part of their strategic advisory board. Apart from integrating payment options with online merchants and large companies, cryptocurrency firms are also working on eliminating the negative notions related to bitcoin usage.

Due to its anonymity of transactions, bitcoin has been associated with criminal activities and black market operations, leading most customers to be skeptical in using the digital currency. However, bitcoin enthusiasts believe that the blockchain feature, which provides a public ledger of transactions related to the bitcoin unit.

Bitcoin Companies Improving Transparency

With the help of former US government officials on board, bitcoin companies are hoping to work on legislation and regulation that will aid in making bitcoin an acceptable means of payment. BitFury recently appointed ex-DOJ Criminal Division Chief Jason Weinstein as part of their strategic advisory board while Ripple Labs hired former US State Department official Anja Manuel.

Both former federal officials will continue to work with their current consulting firms and will provide private advisory to their respective bitcoin companies. This follows a series of appointments by other startup bitcoin firms in order their improve their game when it comes to security and transparency. In October, Bitcoin payments processor BitPay Inc. and bitcoin trading exchange Vaurum Labs Inc. appointed former Securities and Exchange Commissioner Arthur Levitt as an adviser.

These firms aim to seek legislation and work with law enforcement agencies in gaining local and international accreditation for bitcoin operations. BitFury says it wants to bring transparency to the bitcoin mining industry, whose network of independently owned computers interactively process transactions and jointly maintain the blockchain. Earlier this year, IBM has indicated that they would work with the Fed in providing better infrastructure for bitcoin or a version of it.

 

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