Wednesday, May 1, 2013

Patrick Murck Discusses Bitcoin With Financial Crime Specialists

General Counsel at the Bitcoin Foundation and VP of Business Development and General Counsel at CoinLab, Patrick Murck, recorded a podcast on April 26th, 2013 with the Association of Certified Financial Crime Specialists, a group connecting the global financial crime community. The talk was entitled: "Bitcoin’s promise and perils: What financial institutions should know about the new virtual currency."

From the ACFCS website:

Until recently, the virtual currency of Bitcoin may have had almost as many critics, skeptics and naysayers as it had actual users. Much has changed in the past few months. With the value of Bitcoins exploding, its exchanges doing a lively business, and more and more merchants accepting it as payment, Bitcoin now seems close to fulfilling its potential as a widely used, decentralized online currency.

One thing that has not changed, however, are the concerns over money laundering and financial crime risks that have swirled around Bitcoin since its inception. To delve into the mechanics of the online currency and explain how it interfaces with financial institutions worldwide, ACFCS is joined by Patrick Murck, General Counsel of the Bitcoin Foundation, on this Financial CrimeCast. He explains the inner workings of Bitcoin, and describes what steps the currency and its exchanges are taking to mitigate financial crime risks.

He also analyzes the impact of recent guidance by the US Financial Crimes Enforcement Network that lays out suggested regulations for virtual currencies for the first time, and explains what financial institutions should know about doing business with Bitcoin users.

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