Bitcoin

Vietnam says bitcoin transactions are illegal

"Vietnam's communist government said trading in bitcoin and other electronic currencies is illegal, and warned its citizens not to use or invest in them. Currencies like bitcoin are unnerving financial regulators in Asia and elsewhere because they are outside of their control. Established banks don't like them because people can send the money around the world with any fees. There are a few websites that claim to offer bitcoin in exchange for Vietnamese dong, but it's unclear whether they have done any trading so far. Aside from an investment and buying goods and services online, bitcoin could be used by Vietnam's diaspora to sends home remittances." Continue reading →

Continue ReadingVietnam says bitcoin transactions are illegal

Ukraine Protestors Turn to Bitcoin to Ease Cash Crisis

"Field surgeries and hospitals treat the wounded, kitchens feed the crowds, blankets and clothing are distributed to those who need them, and people with vehicles shuttle everything around. Not only is this a major logistical and people-management feat to co-ordinate, but it must all be paid for somehow. So, expatriate Ukrainians around the world have joined the fight to campaign and raise funds to assist the struggle back home. PayPal only allows money to be sent out of Ukraine, while international bank transfers can take days to complete. Much of the time, transfers happen through friends and trust networks. This week sees a new campaign to raise funds directly via bitcoin." Continue reading →

Continue ReadingUkraine Protestors Turn to Bitcoin to Ease Cash Crisis

U.S. Treasury cautions Bitcoin businesses on compliance duties

"The U.S. Treasury Department’s anti-money laundering unit has mailed roughly a dozen letters to businesses linked to the digital currency Bitcoin warning they may be money transmitters and be required to comply with federal law and regulation, a Treasury spokesman told Compliance Complete. These letters, sent in recent weeks by Treasury’s Financial Crimes Enforcement Network (FinCEN), are a form of 'industry outreach' aimed at making Bitcoin businesses aware of their potential anti-money laundering compliance obligations, FinCEN spokesman Steve Hudak said." Continue reading →

Continue ReadingU.S. Treasury cautions Bitcoin businesses on compliance duties

China Bites Into Bitcoin

"China’s actions over the past weeks have put BTC China’s future in doubt. After Chinese regulators held a closed-door meeting to warn financial companies against working with exchanges, BTC China was swiftly abandoned by two payment processors. 'There are 300 payment processors in China. We’re going to go down the list and find one that will work with us,' says an optimistic Lee. He doesn’t think the government is trying to put him out of business but rather put the screws on Bitcoin to cut down on the rampant speculation. 'They haven’t declared exchanges illegal. That gives us room to maneuver, so there’s still hope.'" Continue reading →

Continue ReadingChina Bites Into Bitcoin

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

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’