18 Nov '13, 3pm

Officials to

Officials to

WASHINGTON—U.S. law-enforcement officials were set to outline the pitfalls and promises of virtual currencies such as bitcoin Monday at the first-ever Senate hearing on the matter. In testimony prepared for the hearing before the SenateHomeland Security and Government Affairs Committee, federal law-enforcement agencies said that while the anonymity and decentralized nature of some virtual currencies could pave the way for fraud, they also held potential benefits. The price of bitcoin soared Monday ahead of the afternoon hearing. Bitcoin was recently trading at $562.58 on the CoinDesk price index, which represents an average of Bitcoin prices across large global exchanges, up from $476.30 Sunday and a record. Bitcoin recently touched a high of $675 on the Tokyo-based Mt. Gox exchange. Enlarge Image Gabriel Scheare uses the world's first bitcoin ATM in October at a coffee sh...

Full article: http://online.wsj.com/news/articles/SB1000142405270230443...

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Bitcoin soars above. $600 as US Senate hearing gives it legitimacy

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