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Lightning Fast, Dirt Cheap: Bitcoin Shows What Banking Could Be

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Comments (12)
banking could be just like bitcoin, if it wasn't for all of those pesky Govt regulations that are soooo expensive.
Posted by dahlers | Friday, August 24 2012 at 3:29PM ET
FinCEN doesn't give any licenses. It is where a money service business (MSB) would register, but that isn't a "license".

Individual states give licenses to money transmitters.
Posted by sgornick | Friday, August 24 2012 at 3:39PM ET
@SGornick: Thank you for catching that, it's an important distinction. The relevant passage has been corrected.
Posted by Marc Hochstein, Executive Editor, American Banker | Friday, August 24 2012 at 3:56PM ET
Sounds like they are taking advantage of avoiding the costs that banks pay for AML/BSA compliance and maintaining the security, reliability, and integrity of the payments system. I wonder whether it will outlive the on-line P2P lending services available on the Internet, that work well until they don't.
Posted by WayneAbernathy | Friday, August 24 2012 at 4:43PM ET
Hhmmm....sending currency anonymously domestically & internationally too? Sounds like a criminal's dream come true....
Posted by Underpaid | Friday, August 24 2012 at 5:37PM ET
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