Bitcoins Might Become Regulated: Report

Bitcoins, the online virtual currency that has generated some interest from the online poker world, might soon be under regulatory scope in New York.

According to The New York Times, the state’s top financial regulator is looking at issuing a “BitLicense” for firms conducting transactions in currencies like bitcoin.

A public hearing will soon be held to discuss the matter.

Bitcoins, right now, reportedly are the world’s only unregulated currency.

Just last month the world’s first bitcoin ATM opened.

This week, the value of a single bitcoin was trading near a record high of $425 on one exchange. There are a finite number of bitcoins in circulation, and the market will eventually cap out.

Bitcoins have generated some controversy recently. The Daily Beast reported that late last month the GBL Bitcoin exchange, which held up to as much as $4.1 million worth of bitcoins, was taken offline. In other words, it vanished. Though, it was long viewed as somewhat shady.

In other bitcoin news, the founder of Silk Road, an online drug marketplace that dealt with bitcoins, this fall was indicted by the government for allegedly seeking a hitman.

Silk Road was shutdown thanks to the scandal.

Bitcoins were developed in 2009 by an anonymous developer known only as Satoshi Nakamoto, as a peer-to-peer, decentralized digital currency.

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