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Board Press
Re: 2013-01-18 forexmagnates.com - Q4 2012 Forex Magnates Report now available
by
ronfinberg
on 22/01/2013, 09:03:25 UTC
@Hazek - yeah, that bitcoin/bit-coin makes sense.  On my notes I had bitcoin, not sure where along the process it got changed to bit-coin.  You made a good point about the payment solutions provider thing.  As the article was about setting up to accept payments, my thinking was that a broker applying bitcoin payment would try to integrate it with their existing payment practices.  But, you are right, is a little confusing.  Will definitely reach out over here for further articles.

@Marcus_of_augustus & Spekulatius - the predominate interest is from readers that want to see a bitcoin/usd CFD to trade.  Personally, I don't think the feed sources and liquidity are in place just yet to create a synthetic instrument that trades based on the bitcoin/usd rate, but it may be one of those 'wag the tail' things that if one broker launches such a product it would boost bitcoin trading as it would attract arbitragers etc.

The other group are the 'free currency' anti-regulation people that would like to see greater adoption of bitcoin.  As you guys know, the demand is driven by governments that restrict cross border cash transfers (SA & India are the big ones that come up) and bitcoin provides an opportunity to fund trading accounts without restrictions. 

My take on this is that the regulators are going to give brokers a hard time about bitcoin because of money laundering issues.  The stress that financial firms relieve from regulators about AML is hard to appreciate if you haven't worked on the inside.  I admit my ignorance on AML & bitcoin, but is there a way to monitor this?