Bitcoin probed by US Senate

BITCOIN and other fast-growing online currencies are to be investigated by the US Senate amid money laundering concerns, it was announced yesterday.

Bitcoin is not controlled by any government and is difficult to trace, leading a top Senate committee to raise concerns that it leaves “little or no trail for regulators or enforcement agencies”.

While the virtual currency has grown in popularity for a wide range of services it is also used by services such as Silk Road, which enables the sale of illegal drugs.