Mobility Matters: Bitcoin Basics for Credit Union Executives
The promise of Bitcoin – the innovative virtual currency that operates without governmental support – is dazzling.
Money effortlessly moves across international borders (Bitcoin by definition is universal) and it also is a stake aimed at the heart of credit card companies because its transaction fees are negligible, compared to the above 3% usually imposed by MasterCard and Visa.
Another issue: Bitcoin has been associated with money laundering - a high degree of anonymity is built into the peer-to-peer exchange system – but that perception is changing because of new federal regulation.
Handle Bitcoin and, per regulator FinCEN, it is no different than a “real” currency such as US dollars, in terms of reporting requirements for businesses that handle Bitcoin payments as an intermediary.