25 Jul '13, 9am

The Government's Perilous Bitcoin Chase - Daily Beast

The Government's Perilous Bitcoin Chase - Daily Beast

Take, for instance, the case of Liberty Reserve. Until recently, the Costa Rican–based firm was, as Cohen put it, “the virtual currency of choice for the bad guys.” Liberty worked more or less like this : Customer A could open an account simply by providing a valid email address and having his bank (or whoever) wire x amount of dollars/euros/pesos/etc. to a currency exchanger sitting in some distant corner of the globe. (Thailand? Nigeria? Uzbekistan?) That exchanger would then convert the real currency into “LR” dollars that could be traded within Liberty’s network. The company charged a 1 percent commission for each transfer, plus a premium for those who wanted their account numbers to remain hidden. Unsurprisingly, the system’s lack of transparency attracted unsavory characters, and in May a joint action by Treasury and the DOJ shuttered Liberty and indicted seven of it...

Full article: http://www.thedailybeast.com/articles/2013/07/25/the-gove...

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