Virtual currencies, like Bitcoin, must meet transparency requirements enshrined in federal banking laws in a way that "keeps us one step ahead of the bad guys," a senior Treasury Department official said Tuesday."Virtual currencies pose a variety of illicit finance risks. But perhaps the most significant one involves the potential for anonymity," said David Cohen, Treasury undersecretary for terrorism and financial intelligence in a speech to Bloomberg News in New York. Users of virtual currencies are not subject to any record-keeping requirements, Cohen noted. As a result, the currencies could one day be used by terrorists or targets of an international sanctions regime, he noted. "These are adaptable actors who are drawn to ungoverned spaces and so may increasingly look to this technology as an attractive way to transfer value," Cohen said.
(Via MarketWatch)
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