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First, a small point: the laws apply to ALL transactions. The laws for MANDATORY reporting are at $10,000. If a financial institution suspects something weird -- which can mean a $9,999 transaction, 100 transactions of $100 each, a $5000 transaction where a teller noticed the customer...
"Federal regulators are starting to make noise about Bitcoin, the digital currency that's gained in recognition and value over the past few years: the Treasury Department's Financial Crimes Enforcement Network (FinCEN) is offering up 'guidance' for digital currency and those who use i...
"Bitcoin-Central, a currency exchange that specialises in virtual cash, has won the right to operate as a bank . They got the go-ahead thanks to a deal with French financial firms Aqoba and Credit Mutuel. The exchange is one of many that swaps bitcoins, computer generated cash, for re...
"Bitcoin exchanges generally don't seem to recover that easily after security breaches. However, BitFloor, which was hacked and had 24,000 Bitcoins stolen in early September , is coming back online, refunding account holders whose coins were stolen and implementing new security measur...
"Erik Voorhees blogs for bitinstant.com: 'On Oct 29, 2012, the European Central Bank (ECB) released an official (and very nicely prepared) report called "Virtual Currency Schemes (PDF)." The 55-page report looks at several facets of what virtual currencies are, how they're being used,...
It filled the need for an anti-corporate moral superiority. BitCoin was developed from the start to screw over large companies, who invariably require a trail of some kind for significant transactions. It's promoted as the digital equivalent of cash, and just like cash, the only way t...
MasterCard uses multiple market sources (such as Bloomberg, Reuters, Central Banks and others) to develop exchange rates. These rates generally reflect either wholesale market rates or government mandated rates that are collected during the daily rate setting process. The displayed ra...
"Australia's anti-money laundering watchdog AUSTRAC believes that money laundering using digital currencies such as Bitcoin and virtual worlds (such as MMOs) are possible 'emerging threats' . The organisation's latest 'typologies' report earmarked virtual worlds and Bitcoin as two are...
