Des Moines Des Moines, city, United States
Des Moines (dĭ moin`), city (1990 pop. 193,187), state capital and seat of Polk co., S central Iowa, at the junction of the Des Moines and Raccoon rivers; inc. payments innovator, was subpoenaed by the state of subpoena subpoena (səpē`nə) [Lat.,=under penalty], in law, an order to a witness to appear before a court. A subpoena ad testificandum [Lat. .
In May, a $2.9 million Dwolla account held at the $2.4 billion Veridian Credit Union in Waterloo, Iowa was seized by the LLC (Logical Link Control) See “LANs” under data link protocol.
LLC – Logical Link Control .
“While there are no black letter laws prohibiting virtual currency in the traditional financial system, an institution wishing to offer a Bitcoin-denominated account would likely face an uphill legal and regulatory battle,” he said.
Perry said the FinCEN guidance provided no new rules or regulations. Essentially, it’s an acknowledgment that virtual currencies are viewed like any other basic money-service business and the same CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. who asked for anonymity on the advice of legal counsel.
He added that, according to his analysis, there also would be a substantial staff burden in plying with regulatory requirements imposed on a credit union classified as a money transmitter under FinCEN, and he is unsure the costs to process Bitcoin transactions are worth the benefits.
“You have to decide if it is worth it to adhere to the regulations and for us, right now, the answer is no,” he said. But he insisted that door could open if the Bitcoin demand surfaced.
Most credit unions seem to be in the same boat. Nick Holland, a payments specialist with Javelin Strategy & Research, who recently authored a report on emerging payment modalities, said he is unaware of any U.S. financial institutions that presently offer Bitcoin denominated accounts.
“There is a lack of certainty about what the regulators might do with Bitcoin,” said Holland, who added there are possibilities regulators may make this onerous, especially in regard to know your customer