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Regulators See Value in Bitcoin, and Investors Hasten to Agree

Regulators See Value in Bitcoin, and Investors Hasten to Agree

Bloomberg/Contributor | Bloomberg | Bloomberg via Getty Images

The virtual currency bitcoin took a big step toward the mainstream on Monday as federal authorities signaled their willingness to accept it as a legitimate payment alternative.

A number of federal officials told a Senate hearing that such financial networks offered real benefits for the financial system even as they acknowledged that new forms of digital money had provided avenues for money laundering and illegal activity.

“There are plenty of opportunities for digital currencies to operate within existing laws and regulations,” said Edward Lowery, a special agent with the Secret Service, which is tasked with protecting the integrity of the dollar.

(Read moreS&P 500 is 75% overvalued, says fund manager)

Signs that the government would not stand in the way of bitcoin’s development, even as it has been cracking down on criminal networks that use the digital money, stoked a strong rally in the price of the crypto-currency.

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This entry was posted on November 19, 2013 by and tagged .

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bitcoinvancouver2013@gmail.com

bitcoinvancouver2013@gmail.com

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