Bitcoin Ban Sought Over Economy Concerns

The future of Bitcoin has become uncertain in recent times, with Mt. Gox finding itself the source of controversy in recent days and its closure spawning the mass-sale of the digital currency, leaving many spooked and possibly leery over future involvement with the unregulated and oft-stolen funds. Following this hoopla, D-W.Va. Senator Joe Manchin has moved forward with a call to have the cryptocurrency banned.

Earlier today, Manchin fired off a letter to federal regulators requesting the ban, citing reasons pertaining to the United States economy and the cryptocurrency's unstable and unregulated nature, not to mention its involvement in various illegal and illicit activities on the Internet's underbelly.

The letter talks about the illegal activities bitcoin is used for at length, as well as the hackers that target it and "scam artists" with their own exploits. He points out that many countries have banned it and called for caution, and that it could cause taxation troubles.

The letter wraps up with a plea to the individuals to whom it was sent: "The clear ends of Bitcoin for either transacting in illegal goods and services or speculative gambling make me weary of its use ... Before the U.S. gets too far behind the curve on this important topic, I urge the regulators to work together, act quickly, and prohibit this dangerous currency from harming hard-working Americans."

SOURCE: Business Insider