There’s no denying that Bitcoins have caused considerable controversy since their appearance on the financial scene back in 2009, but recently the virtual currency encountered a new kind of obstacle. Specifically, the Bitcoin Foundation received a letter from the California Department of Financial Institutions warning the group that it is a violation of state and federal law to be involved in money transmission without registering with the U.S. Treasury or California’s Commissioner of Financial Institutions.
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Cease and Desist, California Warns the Bitcoin Foundation
Posted by: Peter Suciu June 24, 2013 03:31 PMThere’s no denying that Bitcoins have caused considerable controversy since their appearance on the financial scene back in 2009, but recently the virtual currency encountered a new kind of obstacle. Specifically, the Bitcoin Foundation received a letter from the California Department of Financial Institutions warning the group that it is a violation of state and federal law to be involved in money transmission without registering with the U.S. Treasury or California’s Commissioner of Financial Institutions.