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Perhaps you or someone else could clarify, is BTC even considered a currency by the US government? I know there has been some crackdowns upon Mt. Gox and now t
by Zombieball 13y ago
Perhaps you or someone else could clarify, is BTC even considered a currency by the US government? I know there has been some crackdowns upon Mt. Gox and now these arrests which would suggest it is. However, could it not be argued in court that these people were just exchanging US currency for a bunch of crypto hashes?
- wmf 13y agoFinCEN ruled on the legal status of BTC back in early 2013 IIRC.
- Zombieball 13y agoThanks, this lead me to the following links: http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.... http://cointext.com/fincen-issues-bitcoin-friendly-ruling-for-miners/ http://cointext.com/fincen-issues-bitcoin-friendly-ruling-fo...
- Nursie 13y agoIf it's used for money laundering, why would it matter? You could use beans or pieces of pasta, the effect would be the same and the medium irrelevant.
- dragonwriter 13y agoSince the charges that have been brought that involve bitcoin (including this one, in which transactions were structured to avoid US dollar limits in AML policies) have usually involved illegal things being done with dollars, the "declared status" of bitcoin as a currency or not is mostly irrelevant. That said, for financial regulation purposes, bitcoin is considered a virtual currency, which from the descriptions that apply to it seems to mean mostly not like a currency, though what exchanges that trade it for actual currencies do generally subjects them to regulation around what they are doing with the actual currency for which they exchange it.