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The Rise and Fall of Anonymous Bitcoins

May 16, 2013 in Bitcoin, Currency, Digital Currency, Investing, Money, News, Virtual currency

Bitcoins have been embraced as real money by the Treasury. But can they survive legitimacy?

By Richard Satran May 14, 2013 (http://money.usnews.com)

Is there a bitcoin in your future?

It’s the digital currency that claims to be completely anonymous, non-inflationary and more secure than Fort Knox. Its largest backer, Bitcoin Foundation, says the virtual money “cannot be manipulated by any government, bank, organization or individual.”

Many have been expecting the government to crack down on the currency because it has been used for illegal activities ranging from drug purchases and money laundering to avoiding sanctions in Iran.

Instead, the U.S. government has embraced it by recognizing bitcoins as a currency and saying it would not halt their use in e-commerce. The U.S. Department of the Treasury’s Financial Crimes Enforcement Network, or FinCEN, says virtual currency has the status of real money and should be regulated as such. The Bitcoin Foundation calls the FinCEN ruling a “positive first step toward regulatory acceptance.”

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