Tuesday, December 10, 2013

For Bitcoin, Square Peg Meets Round Hole Under the Law - NYTimes.com

Excerpt from a Bitcoin reality check
"Reports of Bitcoins being stolen from the “wallets” of users look much like those concerning any other type of theft. Under the traditional common law of larceny, however, stealing virtual currency would not be the subject of a prosecution because the law applies only to the removal of physical items.
Modern theft statutes allow for prosecution for the taking of intangible property, so the greater challenge is pursuing thefts that occur in cyberspace. State authorities often do not have the resources to pursue crimes on the Internet nor the ability to coordinate investigations with foreign governments when the misconduct occurs outside the United States."
For Bitcoin, Square Peg Meets Round Hole Under the Law - NYTimes.com
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