Senate Committee Looking Into Regulating Virtual Currencies

For some, lack of control and regulation is part of the appeal


WASHINGTON — A Senate committee is investigating whether to establish regulations for online "virtual currencies" such as Bitcoins.

Bitcoins, a widely used virtual currency, are an alternative to money online. Unlike regular money, Bitcoins are not backed by any government or company. The currency is circulated without intermediaries such as banks. This online currency, sometimes called a libertarian's dream, is not regulated or taxed. This may soon change.

(H/T Charles WT)