“Recently, Govcoin has become a metaphor for alterations to the core bitcoin protocol that reduce its fungibility, irreversibility or privacy to conform to certain government specifications for an ‘appropriate’ digital currency.  The Consumer Financial Protection Bureau has not yet confirmed to what extent the implementation of Regulation E by money transmitters will be applicable to licensed virtual currency providers. Also known as the Remittance Transfer Rule, compliance will be required by Oct. 28. It requires, among other items, prepayment disclosure, transaction receipts, and transaction cancellation within prescribed time limits.”

http://www.americanbanker.com/bankthink/do-not-let-bitcoin-morph-into-govcoin-1060955-1.html

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