19 Mar '13, 12am
"FinCEN sounds death knell for US-based Bitcoin businesses"
FinCEN sounds death knell for US based Bitcoin businesses March 19th, 2013 by Irdial 1DnwFLXczVZV8kLJbMYoheUrpqHesjxrSi It seems that FinCEN has finally decided to opine on Bitcoin , without naming it specifically. This US pronouncement spells death to all “compliant” US Bitcoin companies that choose to remain based in the USA. There is one thing you absolutely must bear in mind; nothing that FinCEN unilaterally declares has any force outside of the USA. If you do not base your business there, their bespoke rulings, “guidance”, that is not even law in the US, has no effect on you or your business . This is a problem for Americans only , and no one else. Here is the relevant passage: De-Centralized Virtual Currencies A final type of convertible virtual currency activity involves a de-centralized convertible virtual currency (1) that has no central repository and no single a...