Spanish police busted 30 people suspected of using a ‘crypto-currency’ to launder money

A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris July 11, 2014.  REUTERS/Benoit TessierThomson ReutersA Bitcoin, a kind of virtual currency, coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris.

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Spanish police said on Wednesday they had arrested 30 people suspected of illegally distributing pay-TV content and of laundering the proceeds by investing in bitcoin “mining” centers for processing transactions in the digital currency, which use intensive computing power to generate more bitcoins.

The arrests took place across Spain, including in the cities of Madrid, Barcelona, Valencia, and Cordoba, the police said, according to Reuters.

Six bitcoin “mining” centers were seized in the raid, they added, after an investigation alongside Spain’s tax office that started as a crackdown on a scheme to illegally decode and distribute pay-TV content.

The proceeds were allegedly laundered through investments in banking products, luxury cars, as well as property and Bitcoin centers.

Police said the bitcoin-mining operations had also been fraudulently using vast amounts of electricity to keep their computing systems

Read more ... source: TheBitcoinNews

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