25 Jun '13, 10am

Bitcoin miners, beware: Lawmakers are fixating on digital currency

Bitcoin miners, beware: Lawmakers are fixating on digital currency

Lawmakers have become increasingly focused on bitcoins as the virtual currency has gained popularity and value in recent months. But judging by a recent cease-and-desist notice sent to the Bitcoin Foundation, some government types may be taking the "shoot first, ask questions later" approach to dealing with the non-traditional currency. California's Department of Financial Institutions (CFI) has warned the non-profit that it "may be engaged in the business of money transmission" without a license or proper authorization. The trouble with the accusation is that the Bitcoin Foundation doesn't buy or sell bitcoins at all -- which may explain why the accusation is prefaced with "may be." Even if the foundation manages to convince lawmakers that it's doing nothing illegal, organizations that do engage in buying and selling may need to brace for some legal battles. The Bitcoin F...

Full article: http://www.infoworld.com/t/government/bitcoin-miners-bewa...

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