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Senate Panel Hears Testimony on Digital Currency

Capitol_BuildingU.S. agency officials appeared before Senate Committee in Homeland Security and Governmental Affairs hearing Monday to discuss the virtual currency known as Bitcoin, Bloomberg reported Monday.

Max Raskin writes that Mythili Raman, acting assistant attorney general for the Justice Department‘s criminal unit, told lawmakers that the agency recognizes Bitcoin as a legal medium of exchange.

Federal Reserve Board Chairman Ben Bernanke told the committee in a letter the Fed does not have the authority to regulate digital money or entities that utilize it, according to the report.

Lawmakers began investigating Bitcoin after U.S. law enforcement officials shut down Silk Road, an online black market where consumers allegedly bought illicit goods with the currency, Raskin writes.

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