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Massachusetts regulators warn about bitcoin as ATM opens

"Massachusetts regulators issued a strongly worded warning Tuesday about the risks of the virtual currency known as bitcoin after the opening of the second ATM-like kiosk in the Boston area that make it easier for people to buy it. On Monday, the second bitcoin ATM in Massachusetts — and apparently just the fourth in the country — opened at the Clover Food Lab restaurant in Harvard Square. The company that installed and operates the machine, Liberty Teller of Boston, placed its first kiosk at South Station in Boston in February. So far, a handful of Boston-area restaurants and retailers accept the currency, whose value is determined by supply and demand." Continue reading →

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Ukraine’s Gold Reserves Secretly Flown Out by the New York Fed?

"The unconfirmed source quoted by Metal.com, says that the operation to airlift Ukraine’s gold had been ordered by the acting Prime Minister Arseny Yatsenyuk with a view to safe-keeping Ukraine’s gold reserves at the NY Fed, against a possible Russian invasion which could lead to the confiscation of Ukraine’s gold reserves. The National Bank of Ukraine estimated Ukraine’s gold reserves in February to be worth $1.8 billion. According to William Kaye: 'That would amount to a very nice down payment to the $5 billion that Assistant Secretary of State Victoria Nuland boasted that the U.S. has already spent in their efforts to destabilize Ukraine, and put in place their own unelected government.'" Continue reading →

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Russia’s Anti-Bitcoin Stance May Be Softening, Reports Say

"The letter asserts that a meeting of top Russian financial authorities in February did not result in a bitcoin ban, but rather was devoted to 'combating crimes in the sphere of the economy devoted to the use of anonymous payment systems and cryptocurrencies on the territory of Russia'. Translations of the posted letter indicate that the goal of the meeting was also to 'develop a unified approach to the determination of the legal status of cryptocurrencies'. Meeting attendees 'discussed future directions for the legal regulation of the sphere of cryptocurrencies', including establishing property rights for citizens and organisations in the field and introducing regulation for their use." Continue reading →

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Bitcoin ATM Company Refused Account by Bank of Ireland

"Ireland’s first bitcoin ATM company suffered a setback yesterday as the Bank of Ireland rejected their application for a bank account. Dolan clarified: '[The bank] informed me that: ‘Your account application has been rejected due to the nature of your business. We’re not comfortable with it.’' Dolan says their business advisor at the Bank of Ireland claimed instructions came from on high." Continue reading →

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Cyprus Central Bank Governor resigns with $250K golden parachute

"One of the main criticisms directed against Demetriades has been how, under his watch, the now defunct Laiki Bank accumulated around €9.5 billion in emergency liquidity aid, only to buckle and fail when the ECB threatened to pull assistance. 'How much independence can a central banker have when, from his statements, it appears he was serving other expediencies instead of his country’s interest,' President Nicos Anastasiades said last year. For the state to get its €10 billion in bailout funds last March, the president said, it was told to privatise state companies, seize deposits, make painful cuts, and raise taxes." Continue reading →

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War Is a Certainty

"Any country that is considering waging war against another country should first consider that the loser is almost always the country that runs out of money first. No venture is more costly than warfare. The EU and the US are bankrupt now. Those presently living in those locales may escape actual duty in the military, but they will unquestionably be expected to pick up the tab through taxation. Those who presently feel that their obligations to their governments are already barely manageable might wish to consider what they will be, both during and after a major war." Continue reading →

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Congressman Calls To Ban U.S. Dollar After Senator’s Bitcoin Ban Idea

"Congressman Jared Polis is calling on the Treasury to ban physical dollars in response to Senator Manchin’s plea to ban Bitcoin. 'The exchange of dollar bills, including high denomination bills, is currently unregulated and has allowed users to participate in illicit activity, while also being highly subject to forgery, theft, and loss,' wrote Polis in a statement. To be sure, the Congressman is being cheeky. 'This is just a satirical version of Senator Manchin’s letter, meant to draw attention to the fact that BitCoins are not any more susceptible to the problems that the Senator points out than dollars,' said Spokesperson Scott Overland." Continue reading →

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Colorado Man Will Go to Trial Over $42 Girl Scout Cookie Purchase

"A Colorado man's purchase of $42 of Girl Scout cookies has led to a court date and more than $700 in debt for what he says was an error by a Girl Scout troop's bank. Tad Osborn, an IT professional in Fort Collins, Colo., bought about a dozen boxes last year from a scout from his neighborhood. He wrote a check for $42 and enjoyed the cookies with his family. Then last summer, he received a notice from a collection agency, informing him that his check had bounced and nearly doubled his bill to $82. The debt collection agency, AAA Collectors Inc., sued Osborn for $739.85, the bulk of which is $450 in attorney fees, followed by court and principal costs." Continue reading →

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Texas Tells Company to Stop Investments Using Bitcoin

"Texas regulators ordered an energy company to stop accepting Bitcoin for investments in oil and natural-gas wells, the first action of its kind by a state securities commissioner. Balanced Energy LLC, in the Dallas suburb of Southlake, was directed to stop selling unregistered securities using the digital currency, Texas Securities Commissioner John Morgan said yesterday in a statement. The order reflects concern that investors using Bitcoin might not get their money back, said Bob Webster, a spokesman for the Washington-based North American Securities Administrators Association. Webster described the order as the first of its kind." Continue reading →

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Bit of Headache for Paris, Bitcoin Regulation Added to EU Agenda

"On 04 March 2014, Pierre Moscovici urged EU member states to begin talks regarding the regulation of virtual currencies. As it currently stands, bitcoin is considered 'neither a legal currency, nor a means of payment …[and]… does not fall directly within the scope of supervision and surveillance of competent authorities in payment issues', according to the Bank of France. The same can be said for the European Central Bank, who mirror these findings and also added that virtual currencies. Where publications choose to highlight negative issues, without giving fair exposure to the positive issues, it is no surprise to see the concerned authorities call for regulatory measures." Continue reading →

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