- Associated Press - Tuesday, July 14, 2015

RALEIGH, N.C. (AP) - Some senators have reluctantly agreed to back a bill giving North Carolina officials more tools to regulate Bitcoin and other virtual currencies.

The Senate Commerce Committee voted Tuesday to support a House bill sought by the state banking commissioner addressing money transmitters that include these currency creators. The online-only money is swapped with cash using Internet exchanges. The currency holder keeps it stored online and uses it for transactions.

The commissioner’s office thinks a 2001 law gives it authority over virtual currency but wants modernized rules.

Some senators were perplexed by the fact that virtual currency is not backed by a government. Others wanted higher bonds on the license currency providers to ensure transactions are performed.

The bill passed the House in May and now heads to another Senate panel.

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