12 Aug '13, 7pm

New York banking regulator targets Bitcoin and other virtual currencies

New York 's top banking regulator is considering issuing regulatory guidelines for Bitcoin and other virtual currencies, according to a memo posted on its website on Monday. Federal authorities have filed claims against other digital currency businesses . Last year, the FBI reported that Bitcoin was being used by criminals to move money around the world. Benjamin Lawsky, superintendent of the New York Department of Financial Services (NYDFS) , said in the memo that his department was concerned that virtual currency exchangers were violating current New York regulations for money transmitters, which require posting collateral and periodic examinations. He warned in the memo that "serving as a money changer of choice for terrorists, drug smugglers, illegal weapons dealers, money launderers, and human traffickers could expose the virtual currency industry to extraordinarily s...

Full article: http://www.theguardian.com/technology/2013/aug/12/bitcoin...

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