The Bitcoin Boom: A Currency For Tax Evasion

Law360, New York (January 29, 2014, 2:32 PM EST) -- Italy this month became the 19th nation to join an information exchange to stop people from hiding their money in overseas banks, but government officials fear that digital currencies like Bitcoin could let tax evaders circumnavigate the banks altogether.

To own and use Bitcoin, a digital currency with a market cap of $12 billion and rising, you don’t need a bank, a passport or even a name. Because the currency's encrypted code is stored locally on a hard disk or flash drive, users are making verifiable...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.