Federal criminal defense and white collar crime lawyer, NiaLena Caravasos, was recently interviewed by forensic accountant and fellow graduate of The Wharton School, David Anderson, for his article entitled
“Bitcoin: The New Way to Receive Payment, Or Trouble in The Making?”
As technology evolves, questions continued to arise about the appropriateness of keeping in step with that technology and the potential pitfalls that lawyers as well as other professionals need to be aware of. One example of this is Bitcoins and whether it is prudent to accept payment in the form of Bitcoins or whether doing so could spell trouble for the person receiving the payments and also possibly the person making the payments.
In order to gain a better understanding of the potential issues and possible pitfalls for evaluation, David Anderson spoke with NiaLena Caravasos, a nationally recognized federal criminal defense and white collar crime lawyer based in Philadelphia. NiaLena addressed various legal issues surrounding the anonymity of Bitcoins, whether criminal activity was the source of the Bitcoins, IRS reporting requirements, receiving and holding client funds, lack of insurance on Bitcoins, etc.