..

US Government to Begin Regulating Bitcoins as Big Brother Takes Notice

Written by:
Aaron Goldstein
Published on:
Mar/22/2013
US Government to Begin Regulating Bitcoins as Big Brother Takes Notice

We knew it was going to happen sooner or later, probably just not sooner.  The US Government has announced it will begin regulating the popular virtual currency Bitcoin in an effort to curb money laundering activities.

Bitcoin was just starting to catch on with a handful of online gambling operators.  Previously, the currency had a dubious reputation for use in online drug transactions and for illegal downloads.

On Monday, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) released its first “guidance” as to how “de-centralized virtual currencies”.

From the Wall Street 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. 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 Co. 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.

From ZeroHedge.com

The bloodhound of the Federal Reserve has now turned its attention toward BitCoin, and will not stop until it crashes both its value to end-users, and its utility, in yet another attempt to force the USD, and other fiat, upon global consumers as the only forms of allowed legal tender.

"We are beyond the stage where this was just funny money and a fun online thing. This is used as a currency," Nicolas Christin, associate director of Carnegie Mellon University's Information Networking Institute, told the Wall Street Journal.

- Aaron Goldstein, Gambling911.com

Gambling News

Can I Bet on Draftkings Sportsbook App From Oregon

Can I Bet on Draftkings Sportsbook App From Oregon

You cannot bet on the Draftkings app from the state of Oregon, however, a few dozen offshore sportsbooks are accessible from the state.

Two Obstacles Stand in the Way of NY Mobile Sports Betting Measure Ahead of Wednesday Deadline

Two Obstacles Stand in the Way of NY Mobile Sports Betting Measure Ahead of Wednesday Deadline

A bill that would permit mobile sports betting in New York easily passed in the Senate Monday, but two major obstacles stand in the way of the measure moving any further.

Man Pleads Guilty to Decapitating Casino Patron

Man Pleads Guilty to Decapitating Casino Patron

Haverty and 32-year-old Donald Ray Cherry were both charged with deliberate homicide in the October 2017 death of 41-year-old Myron Wesley Knight.

Does My State Allow Sports Betting Online?

Does My State Allow Sports Betting Online?

Residents of all 50 states have long been able to bet online with several dozen internationally-licensed online sportsbooks, but now that the US Supreme Court has abolished decades long prohibition, many states are scrambling to offer their own sports wagering options, some of which will be available via the Web.

Scientific Games Shareholder Alleged to Have Been Tied to Terrorism

Scientific Games Shareholder Alleged to Have Been Tied to Terrorism

Scientific Games, a global supplier of interactive lotteries and casino solutions, was not exactly thrilled to discover that one of its shareholders has alleged ties to terroristic activities.

Syndicate