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Author Topic: Bitcoin Wikipedia entry on FinCEN needs amending fast.  (Read 453 times)
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March 20, 2013, 03:56:53 AM

Just a newbie here, but from what I understand about the FinCEN regs, it all looks OK for Bitcoin.

But on the Bitcoin Wikipedia entry regarding FinCEN it says:

"Patrick Murck of the Bitcoin Foundation says: 'This framework would wildly expand the reach of FinCEN and the BSA, and would be infeasable for many, if not most, members of the bitcoin community to comply with. An individual or micro-business cannot be expected to create a robust AML/KYC program anytime they sell 1 or 100 bitcoin on an exchange or in-person'".

But that's not what FinCEN say at all. From what I understand, selling to & buying from a registered exchange is fine for both users and miners. And in any case many of the Bitcoin community are not miners or running business exchanging Bitcoins.

And how many miners are selling their BTC anyway? And how many over-the-counter?

The reason this is so dangerous, is that when you tell most folks about Bitcoin, the first thing they read is the Wikipedia entry. And this now seems to be saying that Bitcoin is illegal etc.

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