CHEYENNE, Wyo.--(BUSINESS WIRE)--XBR, LLC today announced its registration with U.S. Treasury FinCEN (Financial Crimes Enforcement Network) as a money services business (MSB Registration Number: 31000131217273) in the 409 (Money Transmitter) subcategory. This registration confirms XBR, LLC as the official administrator of the bitcoinR network and its native digital currency unit: XBR. The company has also completed its Bank Secrecy Act (BSA) E-Filer status to electronically and securely file discrete and BSA forms to FinCEN; the company began its associated compliance program this week.
"We are the U.S. Government-regulated Bitcoin fork," said Jessica Van Sickle, co-founder of XBR LLC, which is the administrator of record for the bitcoinR network. "We have maintained much of Satoshi Nakamoto’s original vision from Bitcoin Core, added modern algorithms & central-banking-style economics, and implemented a solid Know-Your-Customer (KYC) and Anti-Money Laundering (AML) compliance program."
To date, of the top five cryptocurrencies by market cap, only Ripple Labs’ XRP digital currency has registered with the U.S. Treasury for regulatory and reporting purposes. Neither Bitcoin Core, nor its two most popular forks Bitcoin Cash and Bitcoin Gold, have registered with the U.S. Treasury or any other regulatory institution to date.
"Our ultimate goal was to create a fairly distributed, global-reserve-currency that met the present standard of regulation in the largest capital market on Earth,” stated Van Sickle. “It only made sense to use Bitcoin Core as the technological basis of the regulated fork due to institutional familiarity with Bitcoin’s underlying parameters.”
Recently, the decentralized and unregulated Bitcoin Core (BTC) and Bitcoin Cash (BCH) cryptocurrencies have been plagued by accusations of price manipulation. On May 24, 2018, the U.S. Department of Justice (DoJ) opened a criminal probe into whether traders are manipulating the price of Bitcoin and volume of these currencies.
“We want to be part of the solution for regulators. bitcoinR was designed from the beginning to benefit from centralized governance paired with decentralized technical consensus,” said Van Sickle. “Institutional investors have been looking for a product within the cryptocurrency asset class that has a centralized administrator to hold accountable for matters such as orderly unit price stabilization and official regulatory interface.”
While the bitcoinR mainnet is complete and tested, the bitcoinR digital currency XBR cannot yet be purchased or mined. Parties interested in mining may register interest at team@bitcoinR.org. Further detail regarding the technology, economics and governance model may be found at: http://www.bitcoinr.org/whitepaper.
Certain statements herein, including statements regarding future development plans, are forward-looking statements that are subject to risks and uncertainties. These forward-looking statements are based on management's current expectations. Various important factors could cause actual results to differ materially, including the risks identified in the bitcoinR whitepaper. XBR, LLC disclaims any obligation to update any forward-looking statement contained in this press release.