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by gamblor956
4764 days ago
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If Bitcoins are considered currency, then it is subject to all of the same laws that would apply to any other currency. Money transmitter laws are currency agnostic--they apply equally to transmitters of pesos as they do to transmitters of dollars. OTOH, if Bitcoin is not a currency, then it would not be subject to these laws--but in such case it would be unlikely for Bitcoin to ever become more than an extremely niche means of exchange. |
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The main reason many Bitcoin-related business are potentially covered by money transmitter (and related) rules is because of how they handle traditional currencies like US dollars in connection with their Bitcoin-related business.