Bitcoin rule-book in preparation

The U.S. government has formed a task force to work on the first bitcoin rule-book in a bid to protect users of virtual currency from fraud without smothering the fledgling technology.

Numerous companies in the United States enable customers to pay for goods and services in virtual currencies. But since bitcoins are not regulated by the federal government, users face a maze of rules in the 50 states, Seebiz reports.

The task force has given itself roughly a year to complete the task.

Once completed, the rules governing financial transactions in virtual currencies would primarily protect consumers, but they would also make legal users of virtual currencies feel secure.