Legitimacy can either be a death sentence to Bitcoin, or a blessing from the skies. But when you think about it, without legitimacy, too many people will always distrust the system. So what do you think of the best case scenario: Get it over with and start writing bills for Bitcoin, or leave the e-anarchists alone and leave us be?
Two years ago, when Gavin Andresen, the lead developer of the Bitcoin software was invited by the CIA to present his thoughts on the experimental cryptocurrency, it was the first indication that federal agencies were beginning to take interest. But in the two years since he made the trip, it’s been unclear whether the financial arms of the government were as hip to the technology as their friends over at Langley.
Well, now we know. The U.S. Department of Treasury has been watching not only Bitcoin, but all virtual currencies. And this week, the Financial Crimes Enforcement Network (FinCEN) published a list of guidelines intended to help money transmitters who deal in virtual currencies to comply with the Bank Secrecy Act.