U.S. to apply laundering rules to virtual cash

Mar 22, 2013, 12:52 PM EDT

The U.S. is applying its money-laundering rules to virtual currencies, amid growing concern that new forms of cash bought on the Internet are used to fund illicit activities, the Wall Street Journal reports. Firms that issue or exchange online cash will be regulated in a similar way to traditional money-order providers, will have new bookkeeping requirements imposed and be required to report transactions of more than $10,000.