21 Mar '13, 11pm

US

The U.S. is applying money-laundering rules to "virtual currencies," amid growing concern that new forms of cash bought on the Internet are being used to fund illicit activities. Enlarge Image Close Agence France-Presse/Getty Images The Treasury says money-laundering rules apply to 'virtual currencies.' The move means that firms that issue or exchange the increasingly popular online cash will now be regulated in a similar manner as traditional money-order providers such as Western Union Co. They would have new bookkeeping requirements and mandatory reporting for transactions of more than $10,000. Moreover, firms that receive legal tender in exchange for online currencies or anyone conducting a transaction on someone else's behalf would be subject to new scrutiny, said proponents of Internet currencies. The rising popularity of virtual currencies, while no more than a drop ...

Full article: http://online.wsj.com/article/SB1000142412788732437320457...

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