24 Jun '13, 8pm

Trouble with Bitcoin as the government muscles in

Is the honeymoon over for Bitcoin, the little alternative currency that could? Recent events have some beginning to doubt whether Bitcoin is viable over the long term—and whether it will ultimately be able to live up to its promises of privacy and security. The biggest news arrived yesterday when the Bitcoin Foundation, a Seattle nonprofit organization founded primarily to promote the virtual coins, said it had received a cease and desist order from the State of California's Department of Financial Institutions. Failure to comply would subject the group to fines of up to $2,500 per violation per day and possible criminal prosecution to boot. The charge: It is a crime to engage in a "money transmission business" without a license. (The U.S. Treasury Department issues these licenses; failure to register is punishable by additional fines and prison time.) The immediate proble...

Full article: http://www.pcworld.com/article/2042860/trouble-with-bitco...

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Trouble with Bitcoin as the government muscles ...

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