Tuesday, November 19, 2013

Senate considers Bitcoin regulations

The Senate Homeland Security and Committees held a joint hearing on virtual currency Bitcoin on Tuesday. Bitcoins are basically digital cash for the Internet, operating through person-to-person exchange, without a bank or central monetary authority to regulate or issue the currency. Bitcoins caught the eye of federal legislators after the FBI raided online black market Silk Road, which used Bitcoins as its currency of choice. The hearing looks at whether digital currencies should be regulated - or if its even possible to regulate them. RT's Ameera David talks to "Boom Bust" host Erin Ade who is on Capitol Hill covering the hearing.