Bernanke: Virtual currencies hold promise, risk W
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Posted On: 11/18/2013 11:36:10 AM
Bernanke: Virtual currencies hold promise, risk
WASHINGTON (MarketWatch) – Bitcoins and other virtual currencies, like any online-payment system, “may hold long-term promise” and could one day “promote a faster, more secure and more efficient payment system,” said Federal Reserve Chairman Ben Bernanke. However, virtual currencies also may pose risks “related to law enforcement and supervisory matters,” Bernanke said in a Sept. 6 letter to the Senate Committee on Homeland Security and Governmental Affairs released on Monday. Other federal agencies, including the Justice and Treasury Departments, also wrote letters that online-payments systems offer legitimate financial services. Bitcoin soared to new highs above $600 on hopes of a blessing from financial regulators. The Homeland Security committee is holding a hearing later Monday on last month’s government shutdown of the Silk Road website, an online drug market known for its exclusive use of bitcoins. Bernanke said the Fed does not have authority to directly supervise virtual currencies but generally monitors developments in the sector.
WASHINGTON (MarketWatch) – Bitcoins and other virtual currencies, like any online-payment system, “may hold long-term promise” and could one day “promote a faster, more secure and more efficient payment system,” said Federal Reserve Chairman Ben Bernanke. However, virtual currencies also may pose risks “related to law enforcement and supervisory matters,” Bernanke said in a Sept. 6 letter to the Senate Committee on Homeland Security and Governmental Affairs released on Monday. Other federal agencies, including the Justice and Treasury Departments, also wrote letters that online-payments systems offer legitimate financial services. Bitcoin soared to new highs above $600 on hopes of a blessing from financial regulators. The Homeland Security committee is holding a hearing later Monday on last month’s government shutdown of the Silk Road website, an online drug market known for its exclusive use of bitcoins. Bernanke said the Fed does not have authority to directly supervise virtual currencies but generally monitors developments in the sector.
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