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 …
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Over the past few months an abundance of regulatory actions and updates have been issued around bitcoin, particularly in the United States. Every update has led to a visible effect on bitcoin prices, not because any of them are particularly threatening to the future of bitcoin, but because of market fear largely driven by uninformed or unscrupulous journalists. Based on their actions to date, regulators are not attacking bitcoin any more than they are attacking banking itself. They have merely applied longstanding rules to bitcoin entities. This is in no way an endorsement of regulation, but rather a necessary acknowledgement …
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May 31, 2013
Posted
General, News
Tagged HSBC, Liberty Reserve, Recent Regulatory Actions, regulation
Comments 6