Busy Times and a Challenging Future for Bitcoin and Virtual Currencies
Cryptographic virtual currencies (or digital currencies) represent a significant new technology with implications that should not be ignored. The most popular of the cryptocurrencies, Bitcoin, is gaining wider acceptance in legitimate commerce, and government authorities are focusing on how these digital currencies can be used and misused. Government agencies are considering the implications of cryptocurrencies under the Bank Secrecy Act and other anti-money laundering statutes, as well as their implications for consumer protection regimes, intellectual property laws and even monetary policy.
This Advisory provides a snapshot of the current, but rapidly evolving, state of affairs and summarizes some of the most significant legal issues that digital currency technologies raise for individuals, businesses and governments around the world.