Senator Joe Manchin Pushing to Ban Bitcoins

Senator Joe Manchin (D-WV) is pushing for a ban on the virtual currency Bitcoin. In a letter sent to federal regulators, Manchin says the currency should be banned because it’s “unregulated and unstable” and used for “illicit activity, including drug trafficking and money laundering.”

Manchin warns that the anonymity of Bitcoin attracts criminals and it’s “very susceptible to hackers,” and calls for the U.S. to join other countries in banning the virtual currency, otherwise “Americans will be left holding the bag on a valueless currency.”

This call for a Bitcoin ban comes shortly after Mt. Gox, a large online platform for trading Bitcoins, was taken offline, which sent investors into a panic and dealt a serious blow to the virtual currency.

[h/t Business Insider]

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Follow Josh Feldman on Twitter: @feldmaniac

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