The Foundation has identified the following four challenges as critical to its mission:
1. Digital Currency is Not Just “Fintech”
Bitcoin is not money. While it can be used that way, it is ultimately something much more important for society than just another financial product.
Although the financial applications of this technology still get most of the attention, those uses are only the tip of the iceberg. The digital currency sector — which includes both Bitcoin the network, with a capital “B”, as well as bitcoins, the cryptographic tokens used by the network — represent far greater economic opportunity and value to society than when it is handled as money alone.
This can be seen with the technology behind Bitcoin, the Blockchain, which has numerous benefits to an organization.
2. Consumer and Privacy Protection
Users of digital currency should be clearly warned in advance of the collection of any data. They should be told what information is collected about them, under what circumstances and clearly informed of how their information can be used or transferred to other parties with or without their consent.
We call for full disclosure of the type and extent of lobbying and regulatory capture practiced by the relevant individuals and organizations in the sector. Rigorous oversight of such disclosure, and detection and prosecution of violations must be made an enforcement priority to prevent undermining of public confidence in the fairness and integrity of digital currency markets.
Digital currency service providers should be asked to publish and adhere to clear and detailed documentation about these business practices and the extent to which these are guaranteed and independently audited.
3. Transparency and Accessibility
We support more public discussion and open debate regarding the innovative landscape for Blockchain technology in all possible domains, including enterprise, consumer, public service and regulatory. We call for relevant decision makers to participate in public meetings to help raise the level of awareness and understanding.
4. Transparency and Accessibility
No type of company or individual in the sector should be given any preference or privilege regarding government regulations, influence and licensing. Lobbying and regulatory capture have been extremely harmful for society, political system, and economic opportunity. It is unsustainable. For example, large institutions do not necessarily deserve any special consideration in this respect over smaller ones.
These four guiding principles have been distilled from public polls conducted regularly during the Bitcoin Wednesday conferences held in Amsterdam on the first Wednesday of the month.