Washington State Department of Financial Institutions on Crypto

zhangweiwu

sr. member

Activity: 313

Merit: 250

Quote from: Sutters Mill on January 26, 2014, 12:20:51 PM

Certainly interesting, and may well be responsible for that slight jump you mentioned. It's now classified here as 'Money', which has to be good. Although I'm not sure about the licensing thing. Surely this is the government trying to take control and regulate Bitcoin?

Slight jump? Yesterday Beijing time 22:30, about GMT 14:30, the time when this misinterprated news publish, the reactions are:

- Mt Gox price growed 100USD, dropped later but for the whole night is growing and growed back to the climate the next Chinese morning.
- Chinese exchanges grow only about 50USD, and remained there.

The next morning Chinese traders wake up to find the MtGox price grow more than their fake-news-triggred growth.

If it is again the ubiquitious fake Chinese news that signaled it in the begining, then the following MtGox growth is but a mis-interpretation of market trend that exaggerated that signal.

Sutters Mill

hero member

Activity: 976

Merit: 575

Cryptophile at large

Certainly interesting, and may well be responsible for that slight jump you mentioned. It's now classified here as 'Money', which has to be good. Although I'm not sure about the licensing thing. Surely this is the government trying to take control and regulate Bitcoin?

JMAHH

sr. member

Activity: 280

Merit: 250

http://www.dfi.wa.gov/cs/money-services-providers.htm

Quote

"Virtual currency, also known as digital currency or crypto-currency, is a medium of exchange not authorized or adopted by a government. There are many different digital currencies being used over the internet, the most commonly known being Bitcoin. In Washington, digital currency is included in the definition of "Money" in the Uniform Money Services Act (UMSA), chapter 19.230 RCW:

"Money means a medium of exchange that is authorized or adopted by the United States or a foreign government or other recognized medium of exchange. "Money" includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more governments."

Companies wishing to transmit money for Washington residents in a digital currency form can contact DFI for a determination whether licensure under the UMSA is required. If it is, a license is required before the company can engage in the activity."

A Chinese website reported on this with the title "Washington Acknowledged BTC as a Currency", likely causing the jump of an hour ago.
Source: http://yibite.com/portal.php?mod=view&aid=1664
Weibo: http://weibo.com/2373182291/AtQbkBJx1

Thoughts?

Topic: Washington State Department of Financial Institutions on Crypto (Read 923 times)