Cash-in Bitcoin

asdfghjkl32

asdfghjkl32

Member
Has anyone cashing in bitcoins with Mt Gox? How long the fund will hit your local bank account? How the transaction is recorded in your bank statement?
 
Coinjar seems to give decent rates - I haven't heard that Mt.Gox has sped up international wires.
 
Found at http://www.reddit.com/r/Bitcoin/comments/1kpthd/aus_austracs_response_to_a_bitcoin_enquiry/ - I am not the person quoted below.

I contacted AUSTRAC (the australian regulator that handles AML/CTF) and received this reply:

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Re: Bitcoin

Thank-you for contacting the AUSTRAC Help Desk.

AUSTRAC is aware of the emergence of digital currencies such as Bitcoin; however its use is not captured by the AML/CTF Act. So depending on what other services you intend to provide in relation to the transfer of money or property you may not have to register with AUSTRAC.

AUSTRAC recommends you seek independent advice on the legal obligations of your business.

Some digital currencies are 'e-currency' as defined in the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (AML/CTF Act). A transaction involving the transfer of money in the form of e-currency of AUD 10,000 or more must be reported to AUSTRAC in a threshold transaction report (TTR).

While the AML/CTF Act definition requires that a 'digital currency' be backed either directly or indirectly by precious metal or bullion, the evolution of digital currencies has seen the emergence of internet-based, electronic means of transfer of digital value not issued by or under the authority of a government body and not backed by precious metals, other commodities or traditional currencies. Bitcoin is therefore one such digital currency not covered by the AML/CTF Act.

Digital currencies allow individuals and businesses to conduct complex and timely international funds transfers outside the regulatory requirements of the traditional financial system.

Section 251 of the AML/CTF Act requires review of the operation of the Act commencing in 2013. Preliminary work has begun to assess vulnerabilities in relation to new payments methods and business models (such as Bitcoin) within the AML/CTF regime.

Please refer to: http://www.austrac.gov.au/files/typ_rprt12_typol.pdf for more information.

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Click to expand...

From Reddit. My bolding. So no, not considered an e-currency by AUSTRAC yet, but I'll bet it will be soon.
 
I guess you can treat it like diablo3 gold or World of Warcraft currency for the time being, except its value is sky rocketing in real fiat.

Last time I sold Diablo 3 gold and WoW account I didn't have to report it =D.

Slam
 
goldpelican said:
From Reddit. My bolding. So no, not considered an e-currency by AUSTRAC yet, but I'll bet it will be soon.
Click to expand...

e-currencies must be backed my something physical under current AUSTRAC rules, they need to re-write the whole thing to include BTC.
 
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