Tuesday, May 28, 2013

Founder of Digital Currency Site Arrested On Money-Laundering Charges

Spain has arrested the founder of the Liberty Reserve digital currency business on money-laundering charges, reports Business Insider quoting Costa Rica authorities.

Arthur Budovsky was detained as part of an investigation that also involved U.S. authorities, says a report quoting officials of Costa Rica.

Liberty Reserve is a company that allows users to apply for an account through the Internet by simply supplying a valid email address. Once a person signs up for an account, Liberty Reserve gives them a user name and an account number and they can start transferring money around the world, Costa Rican officials said.

Liberty Reserve, which conducted its transactions in dollars, euros and rubles, operates as an anonymous, no-questions-asked alternative to the global banking system, said Aditya Sood, a computer science doctoral candidate at Michigan State University who has studied the electronic currency.

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