09 Nov '13, 3am

Find out how the virtual currency bitcoin works and why its popularity has grown

Find out how the virtual currency bitcoin works and why its popularity has grown

Furthermore, concerns about the virtual currency’s potential uses for criminal transactions and money laundering have been brought up by regulators, with the U.S. Treasury’s Financial Crimes Enforcement Network being one of the first agencies to address the issue. It released guidance on regulatory responsibilities that money business services must abide by, including the requirement to register and report certain information to the bureau to avoid money laundering.5 However, Bitcoin presents a unique challenge for the regulatory agencies: There is no single central entity responsible for Bitcoin, nor is the network located somewhere; it is just a virtual network accessed by individuals throughout the world who use their computing power to solve complex cryptographic puzzles to manage transactions and mine coins. At the time of this writing, the U.S. regulators seem to foc...

Full article: http://www.stlouisfed.org/publications/re/articles/?id=2427

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