Every country has different regulations re bitcoin. eg as far as...

  1. 7,624 Posts.
    Every country has different regulations re bitcoin. eg as far as I know, if you mine them there is absolutely no record of your name etc. Also, you can move any amount of bitcoin around the planet whereas if you move more than $10 k then the bank will record your details and pass them onto ATO etc. Because bitcoin is a commodity and not a currency it is not covered by the same stringent regulations as banks. Look at how easily they go broke or bitcoin just disappears.
    Bitcoin is in demand now as an attempt to circumvent the Indian currency crisis. Bitcoin is seen as a substitute in the black market due to either no records or insufficient records.
    Because criminals can transfer millions it will always be in favour.
    Please quote the law that stipulates the need for ownership records in Aus.

    In 2013 the USA did introduce a vague regulation which would maybe detect criminal activity after the horse has bolted ....

    "In summary, FinCEN's decision would require bitcoin exchanges where bitcoins are traded for traditional currencies to disclose large transactions and suspicious activity, " .. ..

    Meanwhile caveat emptor .........

    "Theft of bitcoin has been documented on numerous occasions. At other times, bitcoin exchanges have shut down, taking their clients' bitcoins with them. A Wired study published April 2013 showed that 45 percent of bitcoin exchanges end up closing."

    "On 5 December 2013, the People's Bank of China announced in a press release regarding bitcoin regulation that whilst individuals in China are permitted to freely trade and exchange bitcoins as a commodity, it is prohibited for Chinese financial banks to operate using bitcoins or for bitcoins to be used as legal tender currency, and that entities dealing with bitcoins must track and report suspicious activity to prevent money laundering.[161] The value of bitcoin dropped on various exchanges between 11 and 20 percent following the regulation announcement, before rebounding upward again."

    https://en.wikipedia.org/wiki/History_of_bitcoin#Regulatory_issues
 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.