26 Aug '13, 9pm

Government eyes regulation of 'Bitcoins'

Government eyes regulation of 'Bitcoins'

WASHINGTON — A Senate committee is investigating whether to establish regulations for online "virtual currencies" such as Bitcoins. Bitcoins, a widely used virtual currency, are an alternative to money online. Unlike regular money, Bitcoins are not backed by any government or company. The currency is circulated without intermediaries such as banks. This online currency, sometimes called a libertarian's dream, is not regulated or taxed. This may soon change. The Senate Homeland Security and Government Affairs Committee sent letters last week to the Departments of Treasury, Homeland Security and other government agencies seeking details on how they oversee the use of virtual currencies, part of an investigation begun several months ago. The letters came on the heels of 22 subpoenas issued Aug. 12 by the New York Department of Financial Services to Bitcoin businesses asking q...

Full article: http://www.usatoday.com/story/news/politics/2013/08/26/bi...

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