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 Idiots: Bitcoin to grovel for 'safe and sane' regulation

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Idiots: Bitcoin to grovel for 'safe and sane' regulation Vide
PostSubject: Idiots: Bitcoin to grovel for 'safe and sane' regulation   Idiots: Bitcoin to grovel for 'safe and sane' regulation Icon_minitimeMon Nov 18, 2013 2:43 am
Bitcoin, the virtual currency that fuels transactions on Internet black markets such as Silk Road and Black Market Reloaded, will make its case to Congress on Monday that such currency has potential to open the digital economy to poor societies around the world.

Idiots: Bitcoin to grovel for 'safe and sane' regulation 1384738664000-GTY-186215815-001

Federal law enforcement agents will testify that criminals can use Bitcoin to launder money.

Last month, federal agents shut down Silk Road, a black market that sold illegal goods such as heroin and forged documents, and arrested its alleged operator, Ross Ulbricht. The site operated on an underground network known as Tor and transacted its sales in bitcoin.

Patrick Murck, general counsel for the Bitcoin Foundation, will appear before the Senate Homeland Security Committee for the first congressional hearing on virtual currency. Murck, in prepared testimony, said he hoped Congress would "chart a safe and sane regulatory course" without tamping down the economic and societal potential for the digital economy and Bitcoin.

Bitcoin can help people avoid official corruption and punitive taxes and spend money on unpopular causes without risking interference from government, Murck said. Fees are generally lower than traditional banking, he said.

"Bitcoin can facilitate private and anonymous transactions, which are resistant to oversight and control," Murck's testimony says. "This by no means implies that using Bitcoin can or should provide anyone immunity from the law."

More:  http://www.usatoday.com/story/news/nation/2013/11/17/congress-explores-bitcoin-pitfalls-potential/3621445/

Just take the fucker outside of US jurisdiction.
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