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Commodities Briefing - Categorized | Currencies more

Bitcoin still a hold despite shrinking volume

Posted on 04 February 2014

To the extent that a user mines Bitcoin and uses the Bitcoin solely for the user’s own purposes and not for the benefit of another, the user is not an MSB under FinCEN’s regulations, because these activities involve neither “acceptance” nor “transmission” of the convertible virtual currency and are not the transmission of funds within the meaning of the Rule.
In other words, if you mine Bitcoins for your own account, you’re not under regulations for money transmitters. The second ruling offers some insight as to whether companies investing in Bitcoin are considered money transmitters:……………………………………….Full Article: Source

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VRS - who has written 36685 posts on Opalesque Commodities Briefing.


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