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Singapore To Regulate Virtual Currency Exchanges
SpankiMonki writes "Following on the heels of the Mt Gox bankruptcy, the Monetary Authority of Singapore (MAS) plans to impose new regulations on currency exchanges dealing in bitcoin and other virtual currencies. Virtual currency exchanges would need to verify their customers' identities and report any suspicious transactions under the new rules.
The MAS said its regulation of virtual currency intermediaries — which include virtual currency exchanges and vending machines — was tailored specifically to the money-laundering and terrorism financing risks they posed. However, the new regulations would do nothing to ensure the solvency of virtual currency intermediaries or the safety of their client's funds."
The MAS said its regulation of virtual currency intermediaries — which include virtual currency exchanges and vending machines — was tailored specifically to the money-laundering and terrorism financing risks they posed. However, the new regulations would do nothing to ensure the solvency of virtual currency intermediaries or the safety of their client's funds."
This is Singapore, the country continually rated as one of the world's greatest countries for economic freedoms... soo
Bye!
It's the death of the free market, and the government will ruin everything we built!
I think the BitCoin community is doing a pretty good job of ruining the currency on their own without government help.
"File to fit, pound to insert, paint to match" - Aircraft Maintenance 101
... and the ledger is public, everyone can check for possible corruption schemes.
How is that working out in the Mt. Gox investigation? It seems like nobody knows shit.
A bigger problem in my mind than government controlling money, is money controlling governments.
Anyway it seems that you are far more at risk of not being able to access your wallet with Bitcoin than you are to having your assets frozen with traditional currencies, - assuming that you aren't actively engaged in some illegal activity. And it would also seem that Bitcoin has found a number of very effective ways of getting devalued in spite of the fact that you can't print more of it.
There are a lot more things that a currency needs to be protected from than just the government.
I made a similar currency: I call it '$hitcoin'. It's not the first one I made, but version number two.
It's a craptocurrency, but one based on alimentary, time-tested economic principles, real old-stool. IANAL, but it rests on a strong fecal foundation, with minimal risk of law sewage.