Topic: Is Bitcoin legally a Currency? - page 3. (Read 4000 times)
So bitcoin is considered a currency? That is good news, I suppose!
It is a virtual currency as defined by by FinCen. The reason it was defined as such is FinCen wanted control over it. By virtue of being defined as currency, presently FinCen does. The exactingly codified body of law exists to avoid ambiguity & need of deferral to "common sense." If you disagree with the law, you can disobey it or work to change it. If you choose the latter, appealing to logic & analogies usually ends in tears & fail.
Fortunately U.S. is not the single country on the Earth! 
FinCen has chosen to - practically speaking - disregard any differences between virtual currency and fiat. With very few exceptions, if your business would be a money transmitter for its use of fiat, it is a money transmitter for its use of BTC, LTC, etc.
It is a virtual currency as defined by by FinCen. The reason it was defined as such is FinCen wanted control over it. By virtue of being defined as currency, presently FinCen does. The exactingly codified body of law exists to avoid ambiguity & need of deferral to "common sense." If you disagree with the law, you can disobey it or work to change it. If you choose the latter, appealing to logic & analogies usually ends in tears & fail.
Fortunately U.S. is not the single country on the Earth! 
TL;DR: yes.
It is a virtual currency as defined by by FinCen. The reason it was defined as such is FinCen wanted control over it. By virtue of being defined as currency, presently FinCen does. The exactingly codified body of law exists to avoid ambiguity & need of deferral to "common sense." If you disagree with the law, you can disobey it or work to change it. If you choose the latter, appealing to logic & analogies usually ends in tears & fail.
It is a virtual currency as defined by by FinCen. The reason it was defined as such is FinCen wanted control over it. By virtue of being defined as currency, presently FinCen does. The exactingly codified body of law exists to avoid ambiguity & need of deferral to "common sense." If you disagree with the law, you can disobey it or work to change it. If you choose the latter, appealing to logic & analogies usually ends in tears & fail.
And I don't want to hear about that "Cash equivalent" nonsense. Every THING is a cash equivalent.
I just don't get it.... why people are getting into legal trouble with Bitcoin. How can they say you need a Money transmitter license for Bitcoin? What is the difference between Bitcoin and Swagbucks or XBox points? To me it's just a digital product with no need for Government regulation at all.
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