U.S. Sees No Threat From Virtual Currencies: Treasury Official

David S. Cohen, the U.S. undersecretary for terrorism and financial intelligence, said no “widespread” use of Bitcoin and other virtual currencies to fund terrorism or launder money has been detected.

Such wrongdoing tends to require “real” currency, he said in a speech at Bloomberg News’ New York office on March 18.

But Cohen also said the U.S. would choose “transparency,” or regulation, over innovation when it came to upholding the law. Those virtual-currency companies that haven’t registered, as required by law, with the Treasury’s Financial Crimes Enforcement Network or are not keeping required records will “face consequences,” he said.

“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.