The US Federal Reserve plans to investigate PayPal, Bitcoin and other online banking systems to determine any potential risks associated with them, according to a report from The Wall Street Journal . Speaking at an international monetary conference in Shanghai on Monday, vice chairwoman Janet Yellen said "We have been talking at the Fed and with banking organizations, trying to understand what the concerns are with these new payment mechanisms."
The Fed just recently enacted new legislation for online banking providers, subjecting them to the same money-laundering rules and regulations as traditional banking institutions. These rules even apply to Bitcoin and other currencies that lack oversight from a central bank. The government has...
via The Verge - All Posts http://www.theverge.com/2013/6/3/4391114/us-federal-reserve-investigate-online-banking-systems-bitcoin-paypal
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