This scrutiny in the US is likely to prompt regulators in other major centres to shift up a gear; up to now digital currencies and alternative networks have been seen as interesting but not a high priority. This increased attention should be welcomed. Over the years, a succession of regulatory changes attacking money laundering has successfully eradicated many illegal practices. Preventing and detecting financial crime comes with a high monetary and operational cost, but it delivers a financial infrastructure that is trusted and robust. For digital currencies to become mainstream, the same rigour needs to be applied; the benefits of anonymity have to be balanced with the need to prevent crime.
Trusted and robust! Trusted and robust! Trusted and robust!
Keep repeating it often enough, it will become true. Don't mention HSBC. MF Global. Cyprus. Lehman. Or anything that happened in late 2008.
http://finextra.com/community/FullBlog.aspx?blogid=7748
