26 Aug '13, 5pm

Bitcoin lobbyists meet US authorities amid growing scrutiny of digital currency via @guardian

Representatives of Bitcoin 's largest lobby group met federal law enforcement and financial agencies on Monday as the US authorities increased their scrutiny of the controversial digital currency. Patrick Murck, general counsel for the Bitcoin Foundation, confirmed the group was meeting the Federal Reserve, FBI, Treasury Department, tax officials and members of the secret service among others. Unlike traditional currencies, Bitcoin is not backed by a central government, but instead created by a computer program. It can be traded or used to buy goods and services. Authorities have expressed concerns about potential money laundering abuses and its use in funding illegal activities including drug purchases. In an email, Murck said the agenda of the Washington meeting was to "help regulators, policymakers and law enforcement officials better understand the Bitcoin protocol and...

Full article: http://www.theguardian.com/technology/2013/aug/26/bitcoin...

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