Money FileRALEIGH—Legislators in the state banking system are considering a law to regulate bitcoins and other virtual currencies.

The online-only money allows users to swap cash for online funds and then transfer payments to a merchant or individual anywhere in the world without transaction fees.

North Carolina’s banking commissioner wants legislative authority to require companies using digital IOU’s to meet consumer protection, anti-money laundering and other standards.

Legislation passed the state House last month and is pending in the Senate.