Bitcoins now have money-laundering rules

canada.com

The U.S. government is applying money-laundering rules, usually reserved for actual currencies, to the popular virtual money called Bitcoins.

The same rules that pertain to money-order services like Western Union, will now apply to companies that deal with Bitcoin transactions. Exchanges over $10,000 will also need to be reported to the government.

The Bitcoin launched in 2009 and isn’t backed by a central bank. They can be traded anonymously between individuals and their value changes as the market does. Website’s like Pizzaforcoins.com and even Reddit allow people to use Bitcoins to pay for services. Popular blogging platform, WordPress, also accepts Bitcoins as payment.

An underground market has developed around the Bitcoin because, until now, it was relatively easy to make clandestine private transactions with the currency. But as its popularity rises, so is government scrutiny.

Also, a Canadian man is selling his house in exchange for Bitcoins.

Follow…

View original post 6 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s