09 Sep '13, 11am

Bitcoin: Getting Down to Virtual Currency Basics - Credit Union Times #bitcoin

Trading in Bitcoin is legal, a point that was confirmed by FinCEN guidance issued earlier this year. But there are caveats, said Braden Perry, a former federal enforcement attorney now with the Prairie Village, Kan.-based firm Kennyhertz Perry, LLC . “While there are no black letter laws prohibiting virtual currency in the traditional financial system, an institution wishing to offer a Bitcoin-denominated account would likely face an uphill legal and regulatory battle,” he said. Perry said the FinCEN guidance provided no new rules or regulations. Essentially, it’s an acknowledgment that virtual currencies are viewed like any other basic money-service business and the same Bank Secrecy Act and record-keeping and reporting responsibilities apply, he said. “A trading exchange or credit facility utilizing Bitcoins as payments or deposits would be considered an exchanger, and t...

Full article: http://www.cutimes.com/2013/09/11/bitcoin-getting-down-to...

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