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India Gets The (Bitcoin) Green Light

"Following a press conference organised by Bitcoins Alliance India, Unocoin, one of the largest Bitcoin exchanges in India has been given the green light allowing users to continue accessing their accounts as of today (6th of January 2014) with regular trading commencing on the 8th January. The conference was headed by India’s top taxation and legal expert Mr Nishith Desai, Founder & Managing Partner of Nishith Desai Associates. Mr Desai has meticulously analysed the techno-legal perspective of Bitcoin inline with current payment and currency laws and concluded that Bitcoins are in fact a legitimate currency and could provide many benefits to India’s economy." Continue reading →

Continue ReadingIndia Gets The (Bitcoin) Green Light

India Gets The (Bitcoin) Green Light

"Following a press conference organised by Bitcoins Alliance India, Unocoin, one of the largest Bitcoin exchanges in India has been given the green light allowing users to continue accessing their accounts as of today (6th of January 2014) with regular trading commencing on the 8th January. The conference was headed by India’s top taxation and legal expert Mr Nishith Desai, Founder & Managing Partner of Nishith Desai Associates. Mr Desai has meticulously analysed the techno-legal perspective of Bitcoin inline with current payment and currency laws and concluded that Bitcoins are in fact a legitimate currency and could provide many benefits to India’s economy." Continue reading →

Continue ReadingIndia Gets The (Bitcoin) Green Light

Taiwan’s Government Says No To Bitcoin ATMs

"Taiwan’s Financial Supervisory Commission (FSC) will not allow the installation of Bitcoin ATMs in the country because it believes Bitcoins are not a currency and should therefore not be accepted by individuals or banks as payment, said FSC chairman Tseng Ming-chung. U.S.-based company Robocoin planned to bring its Bitcoin ATMs to Taiwan and Hong Kong as part of its global expansion plans. Government attitudes toward Bitcoin differ widely throughout Asia, but the FSC’s decision is yet another sign that the cryptocurrency’s increasing mainstream acceptance also means it will come under scrutiny by more financial regulators." Continue reading →

Continue ReadingTaiwan’s Government Says No To Bitcoin ATMs

All-Time High Unemployment: Depression In Europe Getting Deeper

"This week we learned that eurozone unemployment came in at an all-time high of 12.2 percent for September. Back in January 2012, it was sitting at just 10.4 percent. The funny thing is that the mainstream media will barely call what is going on in Europe a 'recession' even though the unemployment rates in both Spain and Greece are now much higher than anything that the United States ever experienced during the 'Great Depression' of the 1930s. A 25-year-old Spanish man with three college degrees that moved to London in a desperate search for a job is now cleaning up poop for a living. The economic collapse of Europe continues to march on, and there is no end in sight." Continue reading →

Continue ReadingAll-Time High Unemployment: Depression In Europe Getting Deeper

Tracking IMF Money Manipulation to Pakistan and Beyond

"The Nation magazine recently posted a small article entitled, 'Pakistan gets second tranche of $553.5m from IMF.' We are so used to these kinds of announcements that they hardly register anymore. But this is how the entrenched corruption of our day is carried out. This is magic money, of course. It will bolster foreign reserves, help Pakistan battle the Taliban (that it actually sponsors), aid the state in supporting its economy (whatever that means), 'solve' an energy crisis (really!) and support increased tax collection efforts. A Swiss green company is in line to soak up a good deal of this IMF tranche." Continue reading →

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Keiser Report: Pickpockets Rule UK?

"In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the beggar economy in which the biggest pickpockets rule. They look at the London Gold Fix, in particular, where every day for the past more than twenty years, pockets were picked every single day, according to the data. In the second half, Max interviews precious metals expert, James Turk, about his new book, 'The Money Bubble,' and about the dollar, gold and Bitcoin." Continue reading →

Continue ReadingKeiser Report: Pickpockets Rule UK?

Who Needs Bitcoin? Venezuela Has Its ‘Sucre’

"The late Venezuelan president created the sucre, a virtual currency designed to dethrone the dollar as the main trading currency used with his country's regional trading partners: Ecuador, Cuba, Bolivia and Nicaragua. The sucre is managed by a board of central-bank representatives, which has helped bolster its use. Ecuadorean companies exported $737 million worth of goods to Venezuela using the sucre system in the first nine months of 2013, an 80% increase from the same period in 2012, according to Ecuador's central bank. That growth has drawn attention from the country's regulators, which are cracking down as fraud involving the virtual currency rises." Continue reading →

Continue ReadingWho Needs Bitcoin? Venezuela Has Its ‘Sucre’

‘The Hazards of Lending to Bitcoin Users’

"Creditors are likely more concerned with restricting Bitcoin acquisition or use by borrowers due to the uncertain regulatory landscape, irreversible nature of payments, extreme volatility of value and anonymity of the system. Thus, credit agreements may contain covenants prohibiting borrowers from using or accepting Bitcoin, or operating Bitcoin accounts. In addition, diligence questionnaires and credit agreements may contain representations and warranties that the borrower does not use or accept Bitcoin, nor does the borrower have a Bitcoin wallet. Such provisions are just beginning to appear in credit agreements when use of an emerging payment system is apparent." Continue reading →

Continue Reading‘The Hazards of Lending to Bitcoin Users’

Taiwan Welcomes New Year with Bitcoin Warning

"The Financial Supervisory Commission of the Republic of China and the Central Bank of the ROC have issued a joint statement warning against the use of bitcoin in Taiwan. The regulators said bitcoin remains volatile, that it does not have any legal protection, and that it is not issued by a monetary authority. The regulators noted that bitcoin trading is highly speculative and that investors should be wary of volatility, cyber attacks, malicious defaults, theft and other risks. The regulators also announced that they may take 'necessary steps' if financial institutions engage in bitcoin operations." Continue reading →

Continue ReadingTaiwan Welcomes New Year with Bitcoin Warning

Insatiable appetite for gold fuels India’s smuggling industry

"Indian gold smugglers are adopting the methods of drug couriers to sidestep a government crackdown on imports of the precious metal, stashing gold in imported vehicles and even using mules who swallow nuggets to try to get them past airport security. Stung by rules imposed this year to cut a high trade deficit and a record duty on imports, dealers and individual customers are fanning out across Asia to buy gold and sneak it back into the country. Sri Lanka, Thailand and Singapore are the latest hotspots as authorities crack down on travellers from Dubai, the traditional source of smuggled gold." Continue reading →

Continue ReadingInsatiable appetite for gold fuels India’s smuggling industry