“The case of Bitcoin – a fully convertible, pure digital currency – is more problematic. Earlier this year, the U.S. Treasury department started requiring that all virtual transactions worth more than $10,000 (U.S.) be reported to authorities to prevent virtual currencies being used for money laundering and other illegal purposes. The authors don’t reach a firm conclusion on whether governments should crack down on virtual currencies, pointing out that regulation might stifle innovation. At the same time, they warn that ‘multiple competing platforms creates inefficiency’ that will dissuade people from embracing them.”
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