10 Oct '12, 2am

VIRTUAL WORLD CASHING IN ON CURRENCY 'Bitcoin' is 'legal gray area' but attracting up to $500k per day

Tweet Text smaller Text bigger The virtual world now is cashing in, to the tune of up to $500,000 daily, on online transactions, even though there remains a “legal gray area” about Bitcoin. But the growing popularity of the anonymous, decentralized, digital currency is prompting concern among users and law enforcement agencies that it may be misused. Since its inception in 2009, the online payment system (the term “Bitcoin” refers both to the system and to the virtual units of currency users transfer through that system) now accounts for between $100,000-$500,000 worth of online transactions per day, despite the fact that Bitcoin exists in what Timothy B. Lee calls “a legal gray area.” Lee, writing for Ars Technica , reports that New York Sen. Charles Schumer has denounced Bitcoin as a means of money laundering on the Web. The Secret Service is now well aware of the “untra...

Full article: http://www.wnd.com/2012/10/virtual-world-cashing-in-on-cu...

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