American Banker – 7/2/13: A group that promotes the digital currency Bitcoin has thrown down the gauntlet with regulators, telling California officials that selling the digital currency does not require a state money transmitter license. In a July 1 letter to the California Department of Financial Institutions, lawyers for the Bitcoin Foundation also clarified that the nonprofit does not itself sell bitcoins to consumers or run an exchange. But even if it did, such activity would not be regulated in California, the foundation says, arguing that selling bitcoins does not meet the state law’s definition of “money transmission.”
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Source: Paymentspulse