What FinCEN’s guidance could mean for Bitcoin

Julia Dixon on March 21, 2013

As you would expect the Bitcoin world is abuzz with commentary and speculation about the consequences of the FinCEN paper. Some of the more interesting theories on its implications are below…

FinCEN’s guidance may lead to Bitcoin businesses being required to obtain separate money transmitter licenses in 48 states; a difficult and very expensive task. Payment Source.

Could FinCEN’s target be Bitcoin’s anonymity? Might they target Bitcoin mixing services? The Ümlaut.

The guidance may imply that every person who has ever had any virtual currency and exchanged it for ‘real’ currency can now be considered a money transmitter.  The Bitcoin Foundation.

Posted by Julia Dixon

Julia Dixon is the editor of DGCMagazine and is responsible for the quality of all content and produces a large amount of original content for the site. Julia holds a bachelor’s degree in Economics and is an avid student of Austrian monetary theory, with her favourite being the works of Murray Rothbard.

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