02 Apr '13, 2pm

Why Bitcoin Doesn't Have To Worry About The Fed Shutting It Down — At Least Not Yet by @esfuchs

Why Bitcoin Doesn't Have To Worry About The Fed Shutting It Down — At Least Not Yet by @esfuchs

"Prior to the FinCEN release, a significant concern was that the US government might assert that bitcoin constitutes illegal tender . Indeed, the United States Constitution delegates to Congress the exclusive power to mint coin within the United States to insure a singular monetary system for purchases and debits. The Department of Treasury therefore could have taken the position that bitcoin constitutes an illegal competing currency that violates this fundamental constitutional power, but chose not to do so. Instead, FinCEN distinguished a 'virtual currency' from a 'real currency,' and noted that a 'virtual currency lacks all the real attributes of real currency

Full article: http://www.businessinsider.com/is-bitcoin-legal-2013-4

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