Bitcoin Archive

Lack of chargeback support

· Mike Hearn · Private Correspondence
Participants: Satoshi Nakamoto ,  Mike Hearn
correspondence chargeback legal regulation

Hi Satoshi,

I just read the following wiki page:

http://en.wikipedia.org/wiki/Chargeback

which claims that “U.S. debit card holders are guaranteed reversal rights by Federal Reserve Regulation E under the Electronic Funds Transfer Act. Similar rights extend globally pursuant to the rules established by the corresponding card association or bank network.”

The “Electronic Funds Transfer Act” sounds awfully generic, do you think it’d apply to BitCoin? If so, would the inability to do chargebacks risk making it illegal?

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