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The fork of March 2013
On 18 March 2013, the Financial Crimes Enforcement Network (or FinCEN), a bureau of the United States Department of the Treasury, issued a report regarding centralized and decentralized “virtual currencies” and their legal status within “money services business” (MSB) and Bank Secrecy Act regulations. It classified digital currencies and other digital payment systems such as bitcoin as “virtual currencies” because they are not legal tender under any sovereign jurisdiction. FinCEN cleared American users of bitcoin of legal obligations by saying, “A user of virtual currency is not an MSB under FinCEN’s regulations and therefore is not subject to MSB registration, reporting, and recordkeeping regulations.” However, it held that American entities who generate “virtual currency” such as bitcoins are money transmitters or MSBs if they sell their generated currency for national currency: “…a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter.” This specifically extends to “miners” of the bitcoin network who may have to register as an MSB and abide by the respective requirements of being a money transmitter if they sell their generated bitcoins for national currency and are within the United States.
Additionally, FinCEN claimed regulation over American entities that manage bitcoins in a payment processor setting or as an exchanger: “In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency.”
In summary, FinCEN’s decision would require Bitcoin exchanges where bitcoins are traded for traditional currencies to disclose large transactions and suspicious activity, comply with money laundering regulations, and collect information about their customers as traditional financial institutions are required to do.
Patrick Murck of the Bitcoin Foundation criticized FinCEN’s testament as an “overreach” and claimed that FinCEN “cannot rely on this guidance in any enforcement action”.
The USD value of a bitcoin increased ten-fold in early 2013 from $13/BTC on 1 January to $190/BTC on 9 April, three months later. Suggested reasons for the rise in price included the European sovereign-debt crisis — particularly the 2012–2013 Cypriot financial crisis — statements by FinCEN improving the currency’s legal standing and rising media and Internet interest.
As the market value of the total bitcoin supply approached $1 billion USD, financial commentators described bitcoin prices as a bubble. On 10 April 2013, Bitcoin dropped from a price of $266 to $105 before returning to a value of $160 within six hours.
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