20 Mar '13, 10am

The War On Bitcoin—and Anonymity

The War On Bitcoin—and Anonymity

n a sign of the times, FinCEN, the US Treasury Department agency in charge of combatting money laundering, issued guidance on Monday on the regulatory status of Bitcoin users and exchanges . Although some, like my friend and Cato adjunct scholar Tim Lee, believe that the guidance is basically good news because it means the government accepts the existence of Bitcoin, I am not so sure. The guidance brings into sharper focus the nature of the conflict that is likely to ensue between governments and those who wish to exercise anonymity in online commerce. FinCEN, the Financial Crimes Enforcement Network, is one of the least scrutinized financial agencies in the US government. If you’ve ever transacted an amount over $10,000—say, you’ve bought a car or a house—FinCEN has a file on you. The agency requires banks and other financial institutions to file a Currency Transaction Re...

Full article: http://theumlaut.com/2013/03/20/the-war-on-bitcoin-and-an...

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