Insurance industry ponders risks of Bitcoin, digital currency

Insurance industry ponders risks of Bitcoin, digital currency

Within a cyber insurance industry niche chock full of inherent underwriting challenges is a fast-developing, controversial use of the virtual world.

Cryptographic digital currency—most commonly referred to as Bitcoin since it is the world’s largest form of this currency—is gaining legitimacy. Late last year former Federal Reserve chairman Ben Bernanke told the Senate digital currencies “may hold long-term promise.”