Subscribe / Unsubscribe Enewsletters | Login | Register

Pencil Banner

US Senate committee takes a hard look at virtual currencies like Bitcoin

Zach Miners | Aug. 14, 2013
A prominent U.S. Senate committee has launched a formal inquiry to investigate criminal activity and other risks tied to the use of virtual currencies such as Bitcoins.

The Government Accountability Office has also issued a report calling for increased guidance from the Internal Revenue Service on virtual currencies, citing potential tax issues, according to the letter.

The U.S. Treasury Department's Financial Crimes Enforcement Network has already voiced concerns over money laundering in connection with the digital currency exchange Liberty Reserve.

In response, The Bitcoin Foundation, the organizing body behind the development of the Bitcoin currency, submitted comments to FinCEN last month, to clarify the suggestion that virtual currency transaction in general are "inherently suspect."


Previous Page  1  2 

Sign up for CIO Asia eNewsletters.