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Since BTC is expected to be regulated like a currency Citation? The recent FinCEN statement [1] does not support your claim. [1] http://fincen.gov/statutes_re
by mdelias 14y ago
Since BTC is expected to be regulated like a currency
Citation? The recent FinCEN statement [1] does not support your claim.
[1] http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001....
- johndevor 14y agoHowever, an administrator or exchanger is an MSB under FinCEN's regulations Would they not try to claim that using Zerocoin is, in effect, making you an independent exchange? Or are you only an exchanger when going from Bitcoin to USD? An exchanger is a person engaged as a business in the exchange of virtual currency for real currency, funds, or other virtual currency. There is this clause, but it only refers to businesses.
- IanCal 14y ago"Would they not try to claim that using Zerocoin is, in effect, making you an independent exchange?" Might be difficult, there's no market there. One Zerocoin is one Bitcoin in value by definition. It's not an exchange to convert dollars into cents, so it would be hard to argue this.
- dragontamer 14y agoI'm more interested in: "An administrator is a person engaged as a business in issuing (putting into circulation) a virtual currency, and who has the authority to redeem (to withdraw from circulation) such virtual currency." If you participate in the Zerocoin network, you can therefore issue Zerocoins (in exchange of bitcoins), and redeem Zerocoins for bitcoins.