14 May '13, 6am

Taxmen, Police and Spies Look at Bitcoin Threat

Bitcoin has come onto the radar of the UK government, with officials gathering in London on Monday to discuss the security threats and tax concerns posed by the digital currency. About 50 civil servants from HM Revenue and Customs, the Serious Organised Crime Agency, Home Office and GCHQ - the intelligence listening service - held a one-day conference which examined how bitcoin works and how criminals might seek to exploit the electronic cash system, which is currently unregulated by any financial authority. The meeting, entitled The Future of Money, focused on the implications that widespread adoption of the currency might have. As bitcoin users are anonymous, authorities worry that it could be used for purposes such as money laundering, and that transactions between individuals fall outside boundaries of tax collection. The Revenue said that its attendance at the confere...

Full article: http://www.cnbc.com/id/100732720

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