30 Dec '13, 5am

Bitcoin part of 67 virtual currencies, with a combined value of $13 billion

Bitcoin part of 67 virtual currencies, with a combined value of $13 billion

As regulatory glare intensifies on Bitcoins due to possible money laundering, cyber-security and other risks, over five dozen other virtual currencies have come under the scanner, including a desi version named 'laxmicoin'. The total value of these 67 digital currencies in circulation over Internet has reached nearly $13 billion (over Rs. 80,000 crores), out of which Bitcoin alone accounts for over $9 billion, according to market estimates. A virtual currency is a form of unregulated digital money, not issued or guaranteed by a central bank, which can act as a means of payment. It is now increasingly possible to use virtual currencies as a means to pay for goods and services with retailers, restaurants and entertainment venues. Virtual currencies can be bought at an exchange platform using conventional currency. They are then transferred to a personalised account known as ...

Full article: http://gadgets.ndtv.com/internet/news/bitcoin-part-of-67-...

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