INTRODUCTION
The use of virtual currency is on the rise, and investors and
government agencies are taking notice. The recent surge and
subsequent decline in the value of Bitcoin – which hit a
record high exceeding $17,000 in early December1 –
is prompting worldwide legislative attention.2 It
has also caught the financial market's eye, with the first
Bitcoin futures trading launched on December 10, 2017.3
Adding to this frenzy is Venezuelan president Nicolas Maduro's
announcement of the "petro," which, if launched, would be
the first government-backed cryptocurrency, backed by
Venezuela's oil and other natural resources.
The market's clear attraction to this alternative,
decentralized currency-type asset comes despite criticism from
high-profile personalities, such as JPMorgan's Jamie Dimon who
recently referred to cryptocurrency as a fraud,4 and
scrutiny from law enforcement agencies. Cryptocurrency-based
websites facilitating illicit commerce are highly
