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Bitcoin and Other Virtual Currencies Finally Get Some Regulation

Discussion in 'Off Topic' started by Bob, Mar 25, 2013.

  1. Bob

    Bob Well-Known Member

    Companies that distribute and exchange Bitcoin will now be subject to the same rules as Western Union. The hope is to crackdown on Bitcoin-related crime.

    Regulating virtual currencies is tricky because it's hard to do it without admitting that they're legitimate in some way. But given the surge in Bitcoin's popularity—and its utility as the currency of choice for drug dealers, gun runners, and other baddies—the US government had to do something.

    The new "guidance" issued by the US Treasury Department's Financial Crimes Enforcement Network is very careful to draw a line between real and virtual currency. The real stuff is official government tender:

    Whereas virtual currency is something that sometimes acts like currency but isn't legally accepted:
    read the rest here....
    Brandon Sheley likes this.
  2. Lucas

    Lucas Well-Known Member

    It was bound to happen, you think politicians don't want some of that pie too? :p
  3. intradox

    intradox Well-Known Member

    It's commonly used for anonymous money transfers like bob states, Silk Road uses it for drug trade and it's now becoming common with regular companies as an alternative form of payment to Paypal.

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