19 Jul '13, 8pm

Bitcoin Foundation Files Comments on FinCEN's Liberty Reserve Proceedings

Bitcoin Foundation Files Comments on FinCEN's Liberty Reserve Proceedings

Today the Bitcoin Foundation filed comments with FinCEN regarding the regulator’s Notice of Finding in the Liberty Reserve case. Though Liberty Reserve was not a bitcoin company, FinCEN’s reasoning in the filing makes implications that could be applied to digital currencies in general. Accordingly, the Bitcoin Foundation seized the opportunity to remind FinCEN of a number of important points. In May, the operators of Liberty Reserve were arrested on money laundering charges. The company, operating out of Costa Rica, used a centrally-issued digital currency mechanism to facilitate monetary transfers globally – often with little or no background checks into the identity of their uses. The site was allegedly used to facilitate the laundering of up to $6 billion. More info on the company and arrests available via The Guardian . The Notice of Finding issued by FinCEN outlines t...

Full article: http://thegenesisblock.com/bitcoin-foundation-files-comme...

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Bitcoin Foundation Comments on Liberty Reserve ...

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