US government gives press conference announcing regulation of cryptocurrencies

[Delicieuxz]

"We will not allow digital assets service providers to operate in the shadows. And will not tolerate the use of the cryptocurrencies in support of illicit activities."

 

"Chargery [I think that's what was said, not sure] has been very clear to Facebook, Bitcoin users, and other providers of digital financial services that they must implement the same anti-money laundering and countering of financing of terrorism known as AML/CFT safeguards, as traditional financial institutions. Money transmitters of cryptocurrency must comply with the relevant bank secrecy act obligations known as BSA, and register with the financial crimes enforcement network known as FinCEN."

 

 

This sentence, "has been very clear to Facebook, Bitcoin users, and other providers of digital financial services that they must implement the same anti-money laundering and countering of financing of terrorism known as AML/CFT safeguards, as traditional financial institutions", sounds to me like it casts all cryptocurrency exchanges in the same group, suggesting they could all have to be regulated if they operate their business in the US.

 

Could spell trouble for crypto... or not. I don't know. Just sharing.

 

 

I made a thread (which got locked) with all the happening leading up to this conference here:

 

[Aaralli]

I'm actually really glad that this is happening. I don't know enough about cryptocurrency to give a super in-depth opinion on this, but I've always thought it was weird that you can just generate money out of thin air with a couple nice graphics cards in a throwaway PC.... At least that's how I think it works...

[Delicieuxz]

6 minutes ago, Aaralli said:

I'm actually really glad that this is happening. I don't know enough about cryptocurrency to give a super in-depth opinion on this, but I've always thought it was weird that you can just generate money out of thin air with a couple nice graphics cards in a throwaway PC.... At least that's how I think it works...

But a lot of countries, including the US, also generate their official national money out of thin air.

 

Something has value once people agree to attribute value to it.

[Aaralli]

Just now, Delicieuxz said:

But a lot of countries, including the US, also generate their official national money out of thin air.

Really?? I really need to go do some research on this... I've been wanting to for years and keep forgetting about it. Why is the US in so much debt if they're creating money? Oh, nevermind. My country's government never does well with money. Anyway, I need to go research everything from the beginnings of cryptocurrency to the current use of it and everything... any suggestions on where to start looking?

[mr moose]

I think it's good,  Although bitcoin and  crypto is literally just play money and a drop in the ocean, economies need to be managed.

[Delicieuxz]

17 minutes ago, Aaralli said:

Really?? I really need to go do some research on this... I've been wanting to for years and keep forgetting about it. Why is the US in so much debt if they're creating money? Oh, nevermind. My country's government never does well with money. Anyway, I need to go research everything from the beginnings of cryptocurrency to the current use of it and everything... any suggestions on where to start looking?

 

I think it's basically a system of fraud.