Bitcoin users should be aware of the regulations that govern transactions with the virtual currency, including rules promulgated by the Internal Revenue Service, the New York State Department of Financial Services, and a bill that is currently...
Digital cryptocurrencies—including bitcoin and litecoin, along with dozens of others—have struggled to win mainstream acceptance in the U.S. Interest in this so-called “Internet money” is not going away, however, which is why regulators are developing rules that that they hope can avert a repeat of last year’s Mt. Gox meltdown, when the world’s largest bitcoin exchange unexpectedly shut down after losing hundreds of thousands of bitcoins in a cyber attack.
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