Bitcoin

Federal Reserve’s Bitcoin Policy Begins to Take Shape

"On Friday, May 9th, 2014, the Federal Advisory Council and Board of Governors of the Federal Reserve met for their quarterly meeting in Washington D.C. This meeting was historically held in secrecy until Bloomberg News 'won' a Freedom of Information Act request requiring the Fed to make the meetings minutes available to the public. The Fed is pro Bitcoin regulation: 'Regulation is advisable; considerations include protecting consumers, addressing illicit use, and avoiding Balkanization.' In this regards they recommend, 'Regulatory oversight to ensure that exchanges invest in appropriate cyber and other security measures. This includes fully secure storage of Bitcoin wallets.'" Continue reading →

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The DOJ’s “Operation Choke Point” Has Driven 30 Industries To Bitcoin

"The DOJ is targeting 30 high-risk industries, as labeled by the Federal Deposit Insurance Corporation (FDIC) in 2011. BitPay has proven to be an incredible ally to the porn industry and has led Bitcoin’s charge into the high chargeback industry. Porn.com and now Verotel both accept Bitcoin using bitpay; both are able to charge lower fees without the risk of chargeback. OKCupid has been using Bitcoin for over a year now… Almost as long as the DOJ has been unintentionally pushing these industries towards Bitcoin. Every industry in the world can benefit from Bitcoin Blockchain technology; it’s just that these 30 have been given a forceful push by the government." Continue reading →

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US State Bank Supervisors to Discuss Bitcoin at Public Hearing

"In late February, the US Conference of State Bank Supervisors (CSBS), a membership organisation for state banking regulators that liaises with Congress, announced it would launch a new task force aimed at investigating emerging payments issues, including topics related to bitcoin and other digital currencies. To date, nine state banking officials have joined the task force, including New York Department of Financial Services superintendent Benjamin Lawsky. The organisation’s fact-finding mission will take one of its first steps on 16th May, when the CSBS will hold a public hearing on emerging payment issues in Chicago, Illinois." Continue reading →

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Former US Consumer Finance Watchdog Voices Support for Bitcoin

"Raj Date, the former Deputy Director of the US Consumer Financial Protection Bureau (CFPB), a consumer finance watchdog, said in an interview this week that he supports – and is now investing in – bitcoin. During a segment of Bloomberg Television’s 'Street Smart,' Date commented that, on a personal level, he sees a lot of potential in digital currencies like bitcoin. In the interview, Date said that bitcoin has the potential to deliver faster and more secure payments than is currently possible for most consumers, and remarked that the pace of innovation could result in a broader evolution in digital currencies." Continue reading →

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U.S. Fed’s Kocherlakota says interested in bitcoin

"A top U.S. Federal Reserve official said on Tuesday he is interested in the fast-emerging bitcoin, although he scoffed at the idea that the virtual currency could replace the dollar. Minneapolis Federal Reserve Bank President Narayana Kocherlakota, speaking at a town hall at North Dakota State University, said he is interested in bitcoin as a technology, not as a currency. He speculated that bitcoin could make payments among individuals faster. 'That's where I think the interest of it is, myself, as opposed to a new currency that's going to drive the U.S. dollar out of circulation.'" Continue reading →

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Does Anti-Money-Laundering Work? Rick McDonell of FATF Answers

"Can you put in place effectively a system that identifies who is sending what to whom? In terms of virtual currencies that remains the same. [..] One significant issue is identification of the beneficial ownership of trusts, entities and companies, the ability of criminals to hide behind a corporate veil or some other legal instrument. That is a challenge we are dealing with. We have a new standard in place for that, and it will be tested in practice very shortly. That will require much closer cooperation between different arms of government that haven’t perhaps had to work together before. I would put that down as a significant challenge going forward." Continue reading →

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Read more about the article Interview with finance guru, entrepreneur Jeff Berwick

Interview with finance guru, entrepreneur Jeff Berwick

"I personally save a percentage of the profits of all my Bitcoin revenue I receive with no plans to sell. I have been offering every product that my companies offer for Bitcoin for three years now so I have been constantly squirreling away bitcoins. We have sold passports, offshore bank accounts and corporations, newsletter subscriptions to TDV and even condos that I offer through my company in Acapulco, AcaCondos and rentals at my hotel in Acapulco, Las Torres Gemelas Private Suites for bitcoins and as I stated my strategy is to keep a large percentage of my profit on those transactions in Bitcoin." Continue reading →

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Alleged Silk Road founder: If Bitcoin isn’t money, how did I launder it?

"Ross Ulbricht, who stands accused of running the Silk Road black market under the name 'Dread Pirate Roberts,' says that new federal bitcoin laws make the charges against him invalid. In a filing over the weekend, Ulbricht's lawyers defended him against charges of hacking, narcotics trafficking, operating a criminal conspiracy, and money laundering. The first three charges, his lawyers argue, are 'unconstitutionally broad' and can't be applied to the normal operation of a website, even one whose business is illegal goods. And the last charge, they say, makes no sense if there isn't actual money involved — a possibility implied by a recent IRS decision." Continue reading →

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