Hacker Newsnew | past | comments | ask | show | jobs | submitlogin

The main problem is that dealing with money has all sorts of legal implications for businesses.

By adding cryptocurrency to a communication/identity client, a jurisdiction will probably classify your business as a money transmitter, financial institution, and/or stock broker. After reclassifying your business, they then fine you into the stone age for not registering and following all of the laws associated with that status. While technically, it might be no different than handling money via your bank, the law has not caught up with that yet in quite a few jurisdictions.



US Judge has ruled cryptocurrencies are commodities, not money.

Granted, that's just the US, but..




Guidelines | FAQ | Lists | API | Security | Legal | Apply to YC | Contact

Search: