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Wells Fargo organizes meet to discuss Bitcoin rules: FT

15
Jan
2014

(Reuters) – Wells Fargo Co has called finance executives, virtual currency experts and U.S. government representatives to discuss rules of engagement with Bitcoin amid concern about the money laundering risk of the currency, the Financial Times reported. (http://link.reuters.com/jen95v) The fourth-largest U.S. bank by assets has shown interest in dealing with a potential new Bitcoin economy, but regulatory uncertainty has deterred banks from offering services to virtual currency start-ups, the newspaper said on Tuesday. Wells Fargos anti-money laundering chief, Jim Richards, has launched a group to examine how the bank might safely offer Bitcoin-related services or banking arrangements to virtual currency entrepreneurs, the Financial Times said, quoting people familiar with the matter. The bank aims to draw up a new set of anti-money laundering rules for financial institutions to follow when dealing with virtual currency start-ups, the paper said, citing a person familiar with the matter.

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