Quote:
Originally Posted by woj
Did you even read it? did you understand it?
It basically clarifies that most exchanges from bitcoins to/from real currency are considered a "money transmission services"... so they are regulated under current "money transmission services" laws and so anyone exchanging bitcoins has to jump through major hoops, follow the law to the dot, register with the state, etc... (basically same kind of business and level of compliance that paxum has to go through)
so now for example selling bitcoins on ebay = illegal (unless you are properly registered, etc)
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Yes I believe all the exchanges in the US already are registered as such. As far as selling their definition of a money transmitter is over 1k a day in sales. Personally I don't go back to cash when I buy bitcoins.
They are also saying buying and selling bitcions for things is legal.
You can also buy gold and silver with bitcoins and sell them as a way to get around the law if you really want.
Like I said I don't convert back to cash. Bitcoins are worldwide and not every country will try to fight it, which will be bad for the countries that are. IMO. Guess we will see. I see the price shooting up on this news.