Skip to comments.FinCEN Declares Bitcoin Miners, Investors Arenít Money Transmitters
Posted on 01/30/2014 7:40:45 PM PST by Errant
The US Financial Crimes Enforcement Network (FinCEN) published two new rulings on 30th January that aim to bring clarity as to which players in the virtual currency space will fall under the Bank Secrecy Acts (BSA) definition of a money transmitter.
FinCEN said that miners who mine virtual currency for their own use, as well as companies that purchase and sell convertible virtual currency solely as an investment arent subject to this law.
(Excerpt) Read more at coindesk.com ...
wouldnt anyone running a garage sale be a ‘money transmitter’ by exchanging cash for goods?
wouldn’t someone that exchanges a service for cash, ie: mowing a lawn, also be a ‘money transmitter’
Money transmitters are those companies that rake cash, and either electronically or other means, transfer that money to another, anywhere in the world.its not the same thing as someone paying someone else for a service. Think western union and all of those currency exchange places online.
do... like those places you would send your US dollars into in exchange for bitcoins in an account. ie: MtGox
sounds like they’re trying to stop the flow of dollars into btc
good luck with that