16 Aug '13, 1pm

Bitcoin is a currency, rules US judge

Bitcoin is a currency, rules US judge

The landmark ruling opens the way for US regulators to sue a suspected fraudster, who is accused of misleading investors in a Bitcoin-based product he was selling. It also mean transactions using the controversial online currency are now to be considered in the same way as other "real-world" currencies bought and sold in the US. A document signed by US magistrate judge Amos L.Mazzant on 6 August details a US regulator's case against Trendon Shavers, the operator of a suspected "ponzi" or pyramid scheme. Mr Shavers sold Bitcoin investments online, offering artificially high interest rates. The Securities and Exchange Commission (SEC), the body that polices securities markets, has charged Shavers, founder and operator of Bitcoin Savings and Trust (BTCST), with defrauding investors after it emerged that the Texan was offering returns of 7 per cent interest per week. In realit...

Full article: http://www.independent.co.uk/life-style/gadgets-and-tech/...

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