Treasury Department undersecretary says bitcoin regulation fine for now
Regulators have chimed in on the crypto-currency, saying that they would not seek to regulate it further until it had become more commonly used.
March 19, 2014 at 08:25 AM
5 minute read
The original version of this story was published on Law.com
Especially following the public implosion of e-currency exchange Mt.Gox, the buzz around bitcoin has recently been less than positive. But this week regulators chimed in on the crypto-currency, saying that they would not seek to regulate it further until it becomes more commonly used for illegal activities.
In a briefing on March 18, the Treasury Department's undersecretary for terrorism and financial intelligence, David Cohen, said that money laundering was not currently a widespread issue for the bitcoin, nor was it the preferred method of payment for criminal or terrorist activity.
During the speech Cohen said, “Terrorists generally need 'real' currency, not virtual currency, to pay their expenses -– such as salaries, bribes, weapons, travel, and safe houses,” Bloomberg reported. The same, Cohen said, held true for those looking to get around sanctions.
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