Bitcoins have become a popular topic of discussion recently, as lawmakers and regulators address the complex questions revolving around this digital currency.
Bitcoins have become a popular topic of discussion recently, as lawmakers and regulators address the complex questions revolving around this digital currency. For example, the virtual Bitcoins are now being used more frequently by online sports gamblers to wager on professional and college sports, as the anonymity gives sports gamblers a chance to circumvent federal anti-betting laws, according to Yahoo Sports.
Bitcoin technology is fully encrypted and managed by an expansive, but de-centralized, network, making it difficult for government officials to track their usage, the news source reports. The complexity of the encryption also makes the Bitcoins nearly impossible to trace, especially as they become more mainstream.
In addition, the unexpected emergence of the Bitcoin as a potential gambling tool is still fresh, meaning that a finite set of sports law provisions governing the use of the digital currency may not be in place.
The elusive Bitcoins have already been implicated as a facilitator in several categories of crime, ranging from arms and narcotics deals to sex trafficking. In a recent story detailing how Bitcoins can be used for drug purchases, Senator Chuck Schumer called the currency an “online form of money laundering,” the Washington Post reports.
As the currency gains more of an online presence and serves as a channel for circumventing sports gambling and other types of laws, regulators are struggling to create legislation to define and govern the use of the popular technology.
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