It has had a difficult childhood and a rocky adolescence, but Bitcoin is a pretty smart payment protocol that still has a promising future.
Businesses that transmit or control virtual funds on behalf of others have 45 days to apply for a state-issued license that imposes anti-money laundering controls, New York said Wednesday.
This time last December, one might reasonably have expected that 2014 would be a year of modest changes for the anti-money laundering and sanctions compliance sector. Then came JPMorgan Chase, BNP Paribas and a convoy of Russian tanks to quash that notion.
New York's financial regulator could soon hone expected rules on the use of virtual currencies after industry representatives complained to the agency that parts of its initial plan were vague.
Love or hate New Yorks plans to shield Bitcoin and its competitors from financial crooks, one thing is certain: the proposal is only the first of dozens that will shape the industry.
More than a year into an effort by the digital currency industry to convince critics that its promise doesn't extend to criminals more than consumers, Bitcoin proponents are questioning whether they have the right messenger to deliver their message.
As federal investigators continue to pursue illicit online vendors in the wake of its high-profile prosecution of Silk Road, they will face two hurdles: evolving data-encryption and an atomized black market.
For all of the legitimate concerns and overheated rhetoric about the rise of crypto-currencies, the biggest problem for Bitcoin may be one seldom discussed by critics: its abuse by tax dodgers.
Federal lawmakers are unlikely to move quickly to regulate digital currencies despite congressional skepticism about the technology, a senate staffer told attendees of a Bitcoin conference in New York.
With New York rules for digital currency exchanges in the works, other states are stepping up to draft rules of their own, speakers at a Manhattan Bitcoin conference said Monday.
A pair of congressional reports on the financial crime risks associated with Bitcoin and other digital currency platforms are slated for publication in April, say sources.
With greater regulatory clarity, U.S. banks would embrace the digital currency companies they currently turn away due to compliance concerns, Bitcoin investors told New York State regulatory officials Tuesday.
A well-known advocate of digital currencies and the head of a Bitcoin exchange house facilitated over $1 million in transactions tied to an online black market, federal prosecutors said Monday.
The U.S. Justice Department seizes digital funds tied to an Internet black market, Republicans line up behind effort to fight FATCA and more, in this week's news roundup.
China prohibits the trading of bitcoins by financial institutions over money laundering concerns, the U.K. closes 100 suspicious Bank of Cyprus accounts, and more, in this week's news roundup.
Ready or not, Bitcoin is growing in Europe, even as European regulators struggle to figure out how or if they'll police the virtual currency.
Lawmakers are asking the IRS to quickly finalize guidance on potential tax liabilities of digital money, including the crypto-currency platform Bitcoin.
The indictment Wednesday of an online black market for narcotics and weapons vendors could further hamper proponents of a growing digital currency in the eyes of bank compliance officers.
Nearly all digital coins studied by researchers at the University of California in San Diego were used to purchase goods from a black market Web site selling illicit goods, a recent study found.
The second installation of a two-part story on how the Bitcoin market is changing under the scrutiny of federal and state officials.