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Author Topic: FinCEN renamed "stored value" to "pre-paid access", let's hire a lawyer!  (Read 2173 times)
deepceleron
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November 17, 2011, 11:46:06 AM
 #21

The u-wash-it car wash I go to issues tokens out of their change machine. Actually, their machine is loaded with a mix of quarters and tokens, so you don't know what you'll get. I can redeem those later for car wash service, or trade my extras at the car wash to the next guy that comes in. Time for a crackdown!

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Tulkas
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November 17, 2011, 12:32:53 PM
 #22

what is this going to mean for the bitcoin consumer and bitcoin merchant?

Anyone (business or natural person) that exchange pre-paid for something must keep records of each transaction for five years, require personal identification and report "suspicius activities" to FinCEN.



Bitcoin aside, I suspect we're going to see a lot less businesses selling things like gift cards, mobile phone credit, pre-paid Visas and the like if they have to verify the identity of the buyer for each sale.  The administrative burden will just be too huge for a lot of small businesses to continue offering those things or it would slow down their normal operations too much (in the case of businesses like supermarkets).

Its already happening, if you are not american you need to submit ID to buy an itunes gift card, for example.

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EuSouBitcoin
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November 17, 2011, 01:27:02 PM
 #23

With the stroke of a pen lawmakers can make anything illegal. Then whether they have the will and ability to enforce the new law. Then the courts get involved. I don't think it's much of a stretch to look at something like this
http://www.fincen.gov/statutes_regs/guidance/html/FIN-2010-A011.html
and see crypto-currencies getting make illegal. Then we'll see what happens from there
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November 17, 2011, 04:52:54 PM
 #24

Why do so many people worry about how the law (and courts) will view bitcoin? Bitcoin was designed to route around centralized, authoritarian interference. There is no "silver bullet" in the law that will ultimately save and protect bitcoin because:

1. the laws can always be 'adjusted' to accomplish the aims of the State;
2. bitcoin doesn't need saving -- laws and regulations written specifically for bitcoin would perversely enhance its legitimacy.

Its not about saving bitcoin, its about not being arrested by accepting it.

I agree with Jon.  Do you people realize that nearly everyone who lives in a G-20 nation is already a criminal, and likely a felon too?  There are so many laws on the books, that I'm sure all of us could find illegal things that we do on a regular basis.  This overreach by the state has to be stopped somehow, and it's not going to happen through a legal or political process.  Politicians, bureaucrats and the existing banking system have a vested interest in keeping us in chains.  The best way to avoid getting arrested is to do business anonymously and/or with multiple small transactions.  This is what Bitcoin was designed for.  It may seem like a niche now, but once the centralized power structure starts to crumble, Bitcoin and other p2p currencies will come into their own.

"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history." --Gandhi
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