zunzun wrote:
chesty wrote:
since bitcoins can be anonymous, hard to trace, easily washed, and can be exchanged worldwide, i doubt the criminals will care about some law in the USA.
My understanding is that the new rules only apply for entities that convert bitcoins to "hard currency". If you and I trade only in bitcoins it is not regulated I think... Can anyone verify this? Anyway, neither Wal-Mart nor the local electric power company accept bitcoins, so neither do I - just curious though.
James
I can't answer your question for sure but I suspect these are just the same $10k reporting rules that every bank already follows. If you deposited $10k cash at your bank that you obtained legally you would be reported and may be investigated. If you are a normal guy you would likely never know about it.
These regulations are only to stop money laundering, tax avoidance, and serious criminal use. They are not meant to stop people conducting legal trade.
BTW You can get prepaid credit cards for bitcoins that you can use in Wal-Mart. The cards themselves are actually denominated in USD and it's converted when you add credit.
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