Bitcoin

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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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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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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Stefan Molyneux, Bitcoin: The Psychology of Money

"What does psychological research reveal about people's perception of money and value? What mental barriers do Bitcoin adoptees need to overcome to help others welcome the new paradigm? Stefan Molyneux, host of Freedomain Radio, brings the latest scientific insights into the psychology of money and value to bear on the challenges of evangelizing Bitcoin to the masses!" Continue reading →

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Bank of Greece Breaks Silence on Bitcoin

"The Bank of Greece issued a brief statement on 11th February warning citizens of the potential risks associated with virtual currencies, such as bitcoin. Citing past statements from the European Banking Authority, the release included introductory information meant to guide consumer decision-making, as well as material that further informed readers of the potential tax implications and legal consequences associated with the use of virtual currency. The announcement comes after a string of similar remarks from other European central banks, such as the Central Bank of Lithuania and the Central Bank of Cyprus, which both issued statements to raise awareness of the potential risks." Continue reading →

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Central Bank of Jordan Blocks Financial Companies from Bitcoin

"It was the Central Bank of Jordan’s (CBJ) turn to issue a digital currency warning this week, advising the public of the risks associated with the use of the financial tools, and blocking financial companies from engaging in bitcoin business. The Bank’s executive director of its payment services department, Maha Bahu, told The Jordan Times that the Kingdom’s banks, financial companies, payment processors and currency exchangers had also received a circular 'prohibiting them from dealing with virtual currencies, particularly in bitcoins'. She said the CBJ had been 'following the issue of bitcoin very closely over the past two months'." Continue reading →

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Despite central bank warnings, Bitcoin gains toehold in Middle East

"'The system is based on the concept of proof of work,' explained David al-Achkar, a Lebanese entrepreneur and active member of the regional Bitcoin community. In December 2013 the Lebanese Central Bank issued an official warning regarding Bitcoin. 'Transactions conducted with Bitcoins facilitate money laundering and the financing of terrorism,' said a circular issued by the Central Bank. Regionally, the limited Bitcoin economy appears to serve more mundane purposes. Earlier this month Dubai-based restaurant The Pizza Guys began accepting Bitcoin payments. Over the past 10 days, The Pizza Guys has processed seven Bitcoin transactions." Continue reading →

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Janet Yellen: Fed Has No Authority To Regulate Bitcoin

"'Bitcoin is a payment innovation that's taking place outside the banking industry. To the best of my knowledge there's no intersection at all, in any way, between Bitcoin and banks that the Federal Reserve has the ability to supervise and regulate. So the fed doesn't have authority to supervise or regulate Bitcoin in anyway. [..] One concern with Bitcoin is the potential for money laundering. [FinCen] has indicated their money laundering statutes are adequate to meet enforcement needs. [..] It's not so easy to regulate Bitcoin because there's no central issuer or network operator. This is a decentralized, global [entity]. [..] We're looking at this,' she concluded." Continue reading →

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