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Comment: Bitcoin Central is NOT a bank or PSP (Score 1) 84

by fisf (#42226039) Attached to: Bitcoins Join Global Bank Network
As usual the summary is incorrect. But then so is the BBC article and it also vastly simplifies the regulatory framework defining what it means "to operate as a bank" (or even a PSP) -- anybody with more than a month within the finance industry could have told them that. There are various types of bank licenses for different kinds of businesses that very clearly define what you are allowed to do and under what kind of regulations. The term "bank" is too imprecise in that regard. But anyway, Bitcoin-Central is neither a PSP nor a bank and they have put up the corresponding clarification on their website: "In short, Paymium is neither a bank, nor a PSP. And it doesn't need to be."

Chemist who falls in acid will be tripping for weeks.