EFF Is Accepting Bitcoins Again

EFF Will Accept Bitcoins to Support Digital Liberty. This follows a 2-year moratorium.

One key difference from past practice: EFF will liquidate any Bitcoins it receives as soon as it gets them.

EFF’s announcement pointed me to this recent (March 18, 2013) Fincen guidance document, Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies which I had missed. Key graph:

A user who obtains convertible virtual currency and uses it to purchase real or virtual goods or services is not an MSB [Money Services Businesses] under FinCEN’s regulations. Such activity, in and of itself, does not fit within the definition of “money transmission services” and therefore is not subject to FinCEN’s registration, reporting, and recordkeeping regulations for MSBs.

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