19 Jul '13, 7pm

Bitcoin Foundation: ‘FinCEN should clarify all virtual currency transactions aren’t inherently suspect’

Bitcoin Foundation: ‘FinCEN should clarify all virtual currency transactions aren’t inherently suspect’

The Bitcoin Foundation has asked the Financial Crimes Enforcement Network (FinCEN) to make sure its rule against Liberty Reserve doesn’t suggest all virtual currency transactions are inherently suspect. The foundation has written a letter to FinCEN in response to its proposed rule on the ‘Imposition of Special Measure Against Liberty Reserve S.A. as a Financial Institution of Primary Money Laundering Concern’. In the rule, FinCEN states that “Liberty Reserve’s system is structured so as to facilitate money laundering and other criminal activity,” and cites the anonymity of the system and the irreversibility of transactions as evidence of this. It suggests that, due to this, financial institutions should be required to impose “special measures” against Liberty Reserve, S.A. under Section 311 of the Bank Secrecy Act. The letter issued by the Bitcoin Foundation states it: “… ...

Full article: http://www.coindesk.com/bitcoin-foundation-fincen-should-...

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