“The move means that firms that issue or exchange the increasingly popular online cash will now be regulated in a similar manner as traditional money-order providers such as Western Union, says the Wall Street Journal, going on:
“They would have new bookkeeping requirements and mandatory reporting for transactions of more than $10,000.
“Moreover, firms that receive legal tender in exchange for online currencies or anyone conducting a transaction on someone else’s behalf would be subject to new scrutiny, said proponents of Internet currencies.”
One of the fastest-growing alternative cash products is Bitcoin, an online currency launched in 2009 that isn’t backed by a central bank or controlled by a central administrator, says the story, adding certain exchange firms buy or sell bitcoins for legal tender at a rate that fluctuates with the market.
The new money is also catching on with cyber crooks.
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