16 Aug '13, 7pm

#Bitcoin miners fall under Fincen regulatory guidance! @jonmatonis @shamoons @JonathanMohan @MarcHochstein

#Bitcoin miners fall under Fincen regulatory guidance! @jonmatonis @shamoons @JonathanMohan @MarcHochstein

Print Email Reprints Comment Twitter LinkedIn Facebook Google+ Bitcoin users who help maintain the digital ecosystem's official record of transactions may soon find themselves required to register with the Financial Crimes Enforcement Network as administrators of the alternative currency. It is a gray area whether the role that so-called miners play in the distribution of bitcoins makes them currency creators under regulatory definitions, and thus subject to oversight. The issue highlights the ongoing challenges of reconciling emerging payments technologies with regulations designed for more traditional financial markets. A person “that creates units and sells those units is a money transmitter,” said Judith Rinearson, a partner at Bryan Cave LLP and a recognized authority in payment systems and electronic payments, during a panel at the Aug. 14 Virtual Currencies Complian...

Full article: http://www.paymentssource.com/news/should-regulations-tre...

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