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Senators seek crackdown on “Bitcoin” currency

Posted By admin On June 9, 2011 @ 4:30 am In Money Watch | Comments Disabled

Brett Wolf
Reuters [1]
June 9, 2011

Two senators are pressing federal authorities to crack down on an online black market and “untraceable” digital currency known as Bitcoins after reports that they are used to buy illegal drugs anonymously.

Democratic Senators Charles Schumer of New York and Joe Manchin of West Virginia wrote to Attorney General Eric Holder and Drug Enforcement Administration head Michele Leonhart in a letter that expressed concerns about the underground website “Silk Road” and the use of Bitcoins to make purchases there.

The letter prompted a discussion among Bitcoin enthusiasts about whether the government was capable of closing related bank accounts and thereby stifling the currency.

The senators released a copy of their letter on Monday. It cites recent media reports that some tech-savvy individuals were using an “anonymizing network” known as Tor to gain clandestine access to Silk Road and buy illegal drugs.

Full article here [1]

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Senators seek crackdown on Bitcoin currency  260310banner2 [3]


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URLs in this post:

[1] Reuters: http://www.reuters.com/article/2011/06/08/us-financial-bitcoins-idUSTRE7573T320110608

[2] Stock up with Fresh Food that lasts with eFoodsDirect (AD): http://www.efoodsdirect.com/

[3] Image: http://purewaterfreedom.com/

[4] Alternative Currency Goes Mainstream As Bitcoin ATMs Emerge: http://www.prisonplanet.com/alternative-currency-goes-mainstream-as-bitcoin-atms-emerge.html

[5] Top bitcoin exchange freezes, arbitrarily shuts down, proving you will not be able to get out of bitcoin when you want to: http://www.prisonplanet.com/top-bitcoin-exchange-freezes-arbitrarily-shuts-down-proving-you-will-not-be-able-to-get-out-of-bitcoin-when-you-want-to.html

[6] The bitcoin bubble: Why speculative bitcoin buy-ins now point to a disastrous bitcoin crash: http://www.prisonplanet.com/the-bitcoin-bubble-why-speculative-bitcoin-buy-ins-now-point-to-a-disastrous-bitcoin-crash.html

[7] Senators Ask if NSA Collected Gun Data: http://www.prisonplanet.com/senators-ask-if-nsa-collected-gun-data.html

[8] Court officially declares Bitcoin a real currency: http://www.prisonplanet.com/court-officially-declares-bitcoin-a-real-currency.html

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