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The US Treasury Announces Money-Laundering Rules Apply to "Virtual Currencies"

• Economic Policy Journal
The U.S. is applying money-laundering rules to "virtual currencies," amid growing concern that new forms of cash bought on the Internet are being used to fund illicit activities.

he 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 Co. WU 0.00% They would have new bookkeeping requirements and mandatory reporting for transactions of more than $10,000.[...]

2 Comments in Response to

Comment by Ed Price
Entered on:

Wanna get rich? Buy Bitcoin NOW, before Government regulation takes full effect. As you buy, the price will go up, and what you have will become more valuable than ever. People who see the writing on the wall are pulling out all stops on this.

The real value of bitcoin lies in the method new bitcoin are introduced into the market. Approximately every 4 years, the number of bitoins THAT ARE CREATED is halved from the number created the previous 4 years. See https://en.bitcoin.it/wiki/FAQ.

This means that in the first 4 years of bitcoin, half of the 21,000,000 maximum bitcoins - about 10,500,000 - have been created. In the next four years, only about 5,250,000 are scheduled to be created. But the usage of, and the market for, bitcoin is expected to increase far faster. This means that the price will go up with relation to other currencies.

He/she who gets in now will have the chance to be very wealthy, especially as the rising price of bitcoin causes it to be split so that fractions of it are transacted rather than whole bitcoins. The smallest bitcoin denomination currently possible is called the satoshi. One satoshi is a hundred millionth of a bitcoin. That means that it would take 100 million satoshi's to make a single bitcoin - like 100 pennies make up a dollar.

Think about it, and see how the bitcoin is repositioning the world's wealth, and along with the Internet, is bypassing Governments and world boundaries.

Comment by Powell Gammill
Entered on:

A Neocon chortles.   

A libertarian nightmare: Bitcoin meets Big Government

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