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Bitcoin Comes Under Senate Scrutiny


A pair of Senate committees will hold hearings on the policy issues raised by virtual currencies in the coming weeks, according to Senate aides, a development that comes amid growing attention from government regulators to digital forms of money.

Bitcoin, a currency that is essentially a computer code and is not backed by any government, has seen its value surge this year because of  interest from retailers and investors. But government agencies have also stepped up their oversight of the loosely regulated currency amid fears it could be used to facilitate criminal activity.

The two Senate hearings – the first to focus on bitcoin – are likely to examine how regulators are responding to the new forms of payment, the aides said.

1 Comments in Response to

Comment by Ed Price
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If you could find an ounce of brains among the whole Congress, they would put the U.S. dollar back on the gold standard (actually silver standard, because there ain't enough gold), and make the same laws for Bitcoin - dollar and bitcoin both redeemable for an ounce of silver. At least they wouldn't lose the country if they did that. Are they smart enough to work something like this out? I'd be surprised if they were.

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