BitCoin subject to US money-laundering rules

LaunderingAmid growing worries that new forms of cash bought online is used to fund illicit activities,  the US says it’s applying  money laundering rules to virtual currencies.

“The move means that firms that issue or exchange the increasingly popular online cash will now be regulated in a similar manner as traditional money-order providers such as Western Union, says the Wall Street Journal, going on:

“They would have new bookkeeping requirements and mandatory reporting for transactions of more than $10,000.

“Moreover, firms that receive legal tender in exchange for online currencies or anyone conducting a transaction on someone else’s behalf would be subject to new scrutiny, said proponents of Internet currencies.”

One of the fastest-growing alternative cash products is Bitcoin, an online currency launched in 2009 that isn’t backed by a central bank or controlled by a central administrator, says the story, adding certain exchange firms buy or sell bitcoins for legal tender at a rate that fluctuates with the market.

The new money  is also catching on with cyber crooks.

Jon Newton — myblogdammit

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One thought on “BitCoin subject to US money-laundering rules

  1. Pingback: Links 29/3/2013: New ZFS Release, Cypriot Banks Don’t Let People Leave | Techrights

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