09 May '13, 11pm

All you need to know about #bitcoin. It's money, maybe, but not a currency. And that matters.

All you need to know about #bitcoin. It's money, maybe, but not a currency. And that matters.

Digital currency holds potential for good and bad When a commodity price or currency exchange rate quickly appreciates 11-fold, people notice. Hence an uptick in interest in Bitcoin – a digital currency launched in 2009. Six months ago, one Bitcoin could buy 10 Canadian dollars; now it can buy about 110. Bitcoins, like similar digital currency systems, offer great potential. If they grow large, and they continue to operate outside the “real” financial system, they will pose important risks that need addressing. Less than two months ago, for instance, the U.S. Treasury Department issued formal guidance aimed at Bitcoin, saying that traders in virtual currencies who exchange them for real currencies, or for other digital ones, are in the money services business, and therefore captured within the department’s anti-money laundering regulations. Related U.S. watchdog eyes regul...

Full article: http://opinion.financialpost.com/2013/05/09/a-bitcoin-pri...

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