13 votes

Bitcoin Red Alert! U.S. Treasury Announces Money Laundering Rules Apply To "Virtual Currencies"

You didn't think the Treasury was going to just let the bitcoin business develop outside the system, did you?

EPJ | Friday, March 22, 2013

WSJ reports:

The U.S. is applying money-laundering rules to "virtual currencies," amid growing concern that new forms of cash bought on the Internet are being used to fund illicit activities.

he move means that firms that issue or exchange the increasingly popular online cash will now be regulated in a similar manner as traditional money-order providers such as Western Union Co. WU 0.00% They would have new bookkeeping requirements and mandatory reporting for transactions of more than $10,000.[...]

The arm of the Treasury Department that fights money laundering said Monday that the standard federal banking rules aimed at suspicious dollar transfers also apply to firms that issue or exchange money that isn't linked to any government and exists only online.


Read more: http://www.economicpolicyjournal.com/2013/03/bitcoin-alert-u...

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

More Scare Tactics!

Good for them they can announce all the goddamned rules they want there is no central creator of bitcoins for them to shut down like the Liberty dollar!

They are running scared they can't raid bitcoin manufactures there are millions of them LOL!. There is no way they can enforce this. Sure they can maybe shut down some exchanges but others off shore will take their place!

I say fine quit exchanging bitcoins for FRN's and just use bitcoins as your means of trading for goods and services... Soon we will not need their filthy FRN's and that is exactly what they are afraid of!

Watch for the campaign by these thugs that will soon come out and demonize Bitcoin and say it is unpatriotic to use them and threatens the economy and funds terrorists etc... The only thing it threatens is their control of us and their ability to steal our wealth.

I am telling you folks the mechanisms of monopolized force theft and coercion are crumbling before our eyes and theses measures will get more draconian as they get more desperate!

End The Fat
70 pounds lost and counting! Get in shape for the revolution!

Get Prepared!