Early Regulatory Authority On Virtual Currencies

Law360, New York (June 10, 2014, 10:34 AM EDT) -- Virtual currencies have made headlines over the past few months, and have begun receiving attention from U.S. regulators while the list of companies that have begun accepting them continues to increase. This article will review recent actions by federal regulators.

Virtual currencies, sometimes called digital currencies or cryptocurrencies, do not exist in tangible form, but rather are purely digital. Users transfer them from an encrypted computer file known as a “wallet” either directly to merchants and other third parties, or by way of third-party exchanges. Virtual currencies are not issued or backed by any government. Their value is determined on online...

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