Calgary, AB (PRWEB) July 04, 2014
International Bitcoin Register/Registre de Bitcoin International (IBR/RBI) is a not-for-profit created to provide an online register available to the public. This register indexes items that carry bitcoin value based on bitcoins held in virtual vaults. The register at bitcoinregister.org was created so manufacturers can place an index number on items. These index numbers then reference vaults that hold that amount of bitcoin.
These coins cannot run current, as it is called in reference to currency, they may represent bitcoin held by vaults to secure the bitcoin. To retrieve they recommend bitcoin users return the coin to the vault not unlike traveller’s cheques. It’s possible to use the items if someone decides to accept them but they are not money.
BitcoinRegister.org posts the Canadian Laws on the website for people to clearly see that registered items are indeed not money and there is a reference from the guidelines of FINTRAC, Canada’s anti-money laundering organization, regarding money transference and a reference to a limit of $3000 for money services businesses (MSB’s) who transfer items of value to have to report to them under the guidelines.
The website encourages manufacturers to place microchip transponders inside the coins or inscribe the coins with holograms with the index numbers marked within them for security reasons. They also recommend to the vaults that they ask customers to guarantee the bitcoin themselves by declaring the value of the coins does not exceed their personal net worth.
The bitcoin register is new and there are no actual items in the register, but there is interest from bitcoin companies that act as money services businesses to manufacture physical bitcoins or similar items. This would not create banks from these online bitcoin vaults since bitcoin is not insured as money is in banks and true credit is not yet available.
As for the bitcoin register their twitter account, @BitcoinReg, posted a ‘tweet’ to their seven followers, it says, “At Her Majesty’s Pleasure”. Anyone who knows British law knows this refers to a length of service for someone having been granted legitimate authority by the crown. The law clearly states what is money in Canada and it appears bitcoinregister.org may, based on those laws, be paving the way for someday allowing bitcoin to be added to what everyday people accept as payment, until then it appears MSB’s may issue bitcoin owner’s a type of travellers cheque, but who accepts those?