Bitcoin Forum

Could someone in laymen terms, explain what this means? And why?

FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies

http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html

it just means as Bitcoin Central Bank President they're encroaching on my jurisdiction ill get in touch with them

though what they have posted is very unclear and contradicts itself every second sentence

within a few months the Bitcoin Central Bank will be releasing regulations and guidelines for users so please disregard any of this haphazard stuff

Why does Bitcoin need a bank? That's honestly the most stupid thing I've ever heard of.

This is how governments work.

This is a set of rules the US is thinking they can use to regulate Bitcoin.

The most important one being the very last one

12As our response is not in the form of an administrative ruling, the substance of this letter should not be considered determinative in any state or federal investigation, litigation, grand jury proceeding, or proceeding before any other governmental body.

It basically state, nothing in this document has any legal status.

However, if enough people start following the rules in the document, then they will create some rules to match what they suggested in the first place!

My advice is to read it, find the holes, and make sure you do things that way so you don't get caught out when these rules finally come in in a few years.  Oh, and keep quiet about what you are doing, and why!
:)