19 Mar '13, 8pm

Bitcoin

Over at Ars Technica I reported on news that the Financial Crime Enforcement Network (FinCEN) has issued new guidelines on the legal status of Bitcoin under the nation’s money laundering laws. In a nutshell, Bitcoin exchanges (which exchange Bitcoins for conventional currencies) and most Bitcoin miners (servers that process Bitcoin transactions and are rewarded for their efforts by “minting” new Bitcoins) are required to register as Money Services Businesses (MSBs) and comply with anti-money laundering regulations. Ordinary Bitcoin users are not required to register as MSBs if they merely use the currency to purchase goods and services. The announcement has prompted a fair amount of consternation among Bitcoin fans in the Ars comment section, with people suggesting that this is the first step in a federal crackdown on Bitcoin. But I think it’s closer to the opposite. I’m n...

Full article: http://www.forbes.com/sites/timothylee/2013/03/19/new-mon...

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