30 Dec '13, 8pm

Bitcoin miners don't have to register with the US government

The US Treasury Department's Financial Crimes Enforcement Network (FinCEN) issued guidance earlier this year outlining how virtual currencies like Bitcoin should be regulated. According to the guidelines as originally interpreted, both companies and individuals trading in the cryptocurrency would need to register with the US government as money-services businesses, putting a great burden on those only mining Bitcoin for themselves. Now, according to correspondence sent to one Bitcoin company, FinCEN has clarified its language to let miners off the hook. No need to register if you mine Bitcoin for yourself alone According to Bitcoin blog CoinText , FinCEN gave the clarification to Atlantic City Bitcoin, a facility that operates hardware for miners in New Jersey. In the letter, the bureau explains, "To the extent that a user mines Bitcoin and uses the Bitcoin solely for the ...

Full article: http://www.theverge.com/2013/12/30/5257478/bitcoin-miners...

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