On Monday, a legal advisory from the United States Office of Government Ethics provided detailed guidelines for officials of the executive branch to reveal their cryptocurrency holdings.
“OGE doesn’t consider virtual currency a ‘real’ currency or legal tender. Executive branch employees are therefore required to report their holdings of virtual currency on their public or confidential financial disclosure report, subject to applicable reporting thresholds for property held for investment or the production of income,” the OGE wrote.
The organization considers that violations of these reporting requirements may provide an opportunity for conflicts of interest.
On the one hand, it’s quite possible for government officials to make dubious financial transactions under the cloak of anonymity using “unaffiliated” wallets, or wallets that have never been tied to their identities. On the other, the same could be done with cash, which is subject to such reporting requirements.
Whether or not the OGE considers Bitcoin a currency is out of the question, really. If it needs to be reported under financial disclosure rules, then it is being treated like one nonetheless.
It appears that this report came because of increased requests from employees of the US government regarding what they should do if they hold coins.
“OGE recognizes that virtual currencies are experiencing a surge in use and access, and as a result, employees who hold virtual currencies are increasingly seeking guidance from their ethics officials concerning their financial disclosure reporting obligations,” the organization added.
Despite the progress other countries like Japan and Germany have made in allowing cryptocurrencies to be accepted as legal payment methods, the United States still has trouble in this department. Most government agencies still do not consider cryptocurrencies bona fide means of exchange, making them subject to several legal complications.
The OGE’s legal advisory, coupled with the SEC’s ruling that both Bitcoin and Ether aren’t securities, pave the road that may one day have these coins ruled just another currency with which people can pay for products and services.
This article appeared first on Cryptovest
