Looks like USA will be fully functional soon :)

UvasUvas Posts: 678 Silver ✭✭✭✭
One step closer to being able to transfer gold directly from one account to another...

https://www.goldmoney.com/newsroom/news-and-blog/goldmoney-usa-registers-with-fincen

Makes me happy <3

Comments

  • GrandpaBrianGrandpaBrian Posts: 679 Silver ✭✭✭✭
    There is a concept in business of "digging a deep moat". It means that one wants to build up serious ways to protect the business long term from competitive attacks. Goldmoney continues to invest hundreds of thousands in legal fees and in better systems to strengthen their platform. Meeting the requirements of FINCEN is just another example of this. The moat just got a little deeper.
  • UvasUvas Posts: 678 Silver ✭✭✭✭
    I got nervous this morning...I had an update for the Goldmoney client. I thought, "Oh boy, this is it!"

    But it wasn't :(

  • LGJLGJ Posts: 68 Bronze ✭✭✭
    Awesome. Can't wait for additional States to come on board. Its great to see this kind of progress.
  • GoldmattersGoldmatters Posts: 3,924 Admin
    edited October 2016
    @Uvas @GrandpaBrian @GoldIsCurrency @JackSproxton This is super exciting and a big step forward for Goldmoney and its users. I was stunned that California was included here and pleasantly surprised. California is notoriously strict about...pretty much everything. If GM can leap the CA hurdle, I would think that we can get approval just about anywhere.

    Next up, world domination! <-------edit World democratization for gold!
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Uvas @GrandpaBrian @LGJ @GoldMatters

    Was going to post this but @Uvas beat me to it. I assume that this is excellent news, but I don't know how it affects me on a day-to-day basis beyond more states accepting direct transfers.

    I wonder how or if this will impact the need to file FBAR and other FinCEN forms?
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    Oh well one step at a time - establishing legitimacy is crucial.
  • UvasUvas Posts: 678 Silver ✭✭✭✭
    I just got an email explaining an update to the TOS.

    It looks like 11 states can now use transfer feature.

    "Gold transfers are rolling out in the U.S. on a state-by-state basis, and are currently available in 11 preliminary launch states. Goldmoney Network residents of California, Colorado, District of Columbia, Missouri, Ohio, Oklahoma, Pennsylvania, South Dakota, Texas, Montana, and South Carolina can now instantly transfer and receive gold to and from verified Goldmoney Network users worldwide."

    Hurry up, Illinois!!!
  • KatyMillingtonKatyMillington Posts: 49 Tin ✭
    We are very excited about starting to roll our P2P transfers out for our U.S. users! These 11 states are the beginning of what we hope to be an extensive roll out in the U.S.. As you say @79Au197, it is one step at a time - we are committed to getting it right and not cutting corners.
  • GrandpaBrianGrandpaBrian Posts: 679 Silver ✭✭✭✭
    'Not cutting corners" @KatyMillington - well said. As far too many people have found out in the Bitcoin world, cutting corners usually ends in disaster. Goldmoney is built on sound money - gold - and confidence. It must always act in a fashion that builds trust with its account holders. Working hard to fully meet the requirements of the worlds' financial regulatory systems is critical to wide-spread acceptance and success.

    Good to have Katy there on the job with a big stick to keep things on the right track!
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