The community around Bitcoin, the fast-growing virtual currency that sustains an economy worth more than $650 million, has been shaken by what seems to be the first government response to its phenomenal rise. Yesterday the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Treasury Department, published some guidelines for how virtual currencies should be regulated — and it says many Bitcoin businesses need to register with the US government.
After mulling over its response for a day, the Bitcoin Foundation — the closest thing the decentralized currency has to a spokesperson — has released a statement condemning the rules. "I’m a little disheartened that FinCEN appears to be creating an entirely new regulatory scheme under the guise of 'guidance,'" wrote Patrick Murk, adding that compliance would be "infeasible for many, if not most members of the Bitcoin community."
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