Bitcoin - To be or not to be

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Forums › Finance and wealth management › Bitcoin - To be or not to be

Technofreak

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#150657 29-Jul-2014 18:46

It seems the Bitcoin uptake in New Zealand is meeting a few obstacles.

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11300912

One could be forgiven for thinking banks are using their market strength to kill off the Bitcoin market.

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nate

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#1098232 29-Jul-2014 22:02

Technofreak: One could be forgiven for thinking banks are using their market strength to kill off the Bitcoin market.

One of the articles I read was the block was more around the anti-money laundering legislation that came in not too long ago.

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Beccara

1467 posts

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#1098233 29-Jul-2014 22:05

AML/KYC laws have been around for ages

Most problems are the result of previous solutions...

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loceff13

986 posts

Ultimate Geek

#1098268 29-Jul-2014 23:20

Beccara: AML/KYC laws have been around for ages

It was updated and made significantly stricter earlier this year

Aredwood

3885 posts

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#1098269 29-Jul-2014 23:24

Yes but in only the last year or so yhey were made alot tougher. This meant that last time I needed to open a bank account. As well as needing to show the bank ID, They also did a credit check on me. And no the bank account didn't come with an overdraft facility. They said it was to comply with the requirements to verify identity under the new act.

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