On March 18th, the Financial Crimes Enforcement Network issued guidance on the application of FinCEN's Regulations to virtual currencies. The guidance is in response to questions raised by financial institutions, law enforcement, and regulators concerning the regulatory treatment of persons who use convertible virtual currencies or make a business of exchanging, accepting, and transmitting them. FinCEN Press Release. Writing for Ars Technica and Forbes, Timothy B. Lee discussed the real world target of FinCEN's guidance, Bitcoin, and explained how FinCEN is likely to apply the guidance. Emphasizing Bitcoin's new role as a means of international currency exchange, Businessweek noted that Bitcoin prices have risen 15 percent in the last few days as European savers, concerned with events in Cyprus and Spain, convert their real savings into virtual ones.