Bitcoin group meets US law enforcers
Members of the Bitcoin Foundation briefed representatives of the Treasury Department's Financial Crimes Enforcement Network (Fincen), the FBI, IRS, Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance and Secret Service on the nature of the virtual currency, created four years ago.
A Bitcoin trade group has met an array of US law-enforcement officials and regulators to discuss oversight of the digital currency.
Members of the Bitcoin Foundation briefed representatives of the Treasury Department's Financial Crimes Enforcement Network (Fincen), the FBI, IRS, Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance and Secret Service on the nature of the virtual currency, created four years ago.
"It's a kick-off of engagement," said Peter Vessenes, chairman of the foundation's board, who had said the meeting would be "standing-room only", because of the high interest among government officials.
"Right now, law enforcement would read a salacious story, and not know what's going on. We can help them understand what's going on."
Fincen released guidance in March saying digital-currency administrators and exchangers were considered money-services business subject to regulations and anti-money-laundering controls. Stephen Hudak, a Fincen spokesman, called it a "routine" meeting.
The Bitcoin Foundation, a Seattle-based group that promotes the currency, aims to improve security and standardisation for the "non-political online money", its website says. Vessenes described Monday's meeting as an "educational meet-and- greet".