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Bitcoin Government The Almighty Buck

BitInstant CEO Says World Operates "On an Inferior Monetary System" 185

Posted by samzenpus
from the your-money-is-no-good-here dept.
hypnosec writes "BitInstant's CEO Charlie Shrem and Erik Voorhees were invited to speak about virtual currency at the NACHA (the North American Payments Association) Annual Global Payments Forum held in Rio de Janeiro. At the conference the duo stated that the world operates 'on an inferior monetary system'. One of the more interesting parts of the whole forum was how Bitcoin as a currency and transaction system "works within current legal frameworks." A presentation by Senior Legal Counsel to the Federal Reserve titled: 'The Implications of Dodd-Frank Section 1073' sheds light on requirements that need to be fulfilled by "Remittance Payment Company" (RPC) guidelines. This law requires such companies to disclose a lot of information about money transactions. This is where Bitcoin as a currency and system collide head-on with the law."
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BitInstant CEO Says World Operates "On an Inferior Monetary System"

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The use of anthropomorphic terminology when dealing with computing systems is a symptom of professional immaturity. -- Edsger Dijkstra

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