Bitcoin made another leap toward legitimacy this week as federal regulators held hearings to discuss the promise and the risk of the burgeoning virtual currency.

On Nov 18, regulators held the first ever hearing on bitcoin, with discussion and questions from a committee of senior law enforcement and regulatory officials. The framing of the discussion centered on the anonymity and decentralized nature of the currency, exploring its capacity to facilitate both business growth and illegal activity online.

Despite the risks though, The Wall Street Journal reports that regulators were receptive to the fact that bitcoin does have a place in the economy, offering an alternative means of exchange online.