Law enforcement officials warn against virtual currency

Criminals cashing in on the anonymity of virtual currency require more roadblocks in the way of regulations, according to the law enforcement officials.

In the last few weeks, emphasis was paid by law enforcement experts on better controls to stem crime that has emerged since bitcoins became popular.

Last month at a hearing, Deputy US Attorney Richard Zabel said that criminals think it’s not difficult to conceal their activities, identities and proceeds with bitcoins.

It was shown by the recent probes of Liberty Reserve and the hidden website Silk Road as to what can happen when bitcoins fall into the wrong hands, said the investigators.

55 million illicit transactions are processed by the Costa Rica-based operation all over the world for 1 million users.