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B/c the US Gov would shut it down, seize your accounts and you'd be out at least 5 million USD As long as the US Gov is against bitcoin, and they should be for
by greendata 13y ago
B/c the US Gov would shut it down, seize your accounts and you'd be out at least 5 million USD
As long as the US Gov is against bitcoin, and they should be for their own sake, they will make it impossible to comply with the regulations. Anyone involved in creating the bank would probably face criminal sanctions for some crime. Crypto currencies may eventually threaten the USD's status as a reserve currency. The US Gov will do anything possible to stop bitcoin from growing to that level.
- gaadd33 13y agoAre there explicit laws against bitcoin? It seems unlikely that the OCC is going to just seize a bank when its following all applicable laws and compliance mechanisms. Some banks (depending on the location and size) keep foreign currency on their books so you would just need to account for it by the same manner unless there is some definition as to what constitutes a foreign currency for accounting purposes.