Bitcoin

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

ED officials raided two bitcoin trading firm in Ahmedabad

"Days after the RBI issued a cautionary note regarding the use of popular virtual currency Bitcoin, Enforcement Directorate officials here raided two companies running Bitcoin transactions in India. ED officials told ET that on Thursday raids were conducted on the offices of rBitco.in and buysellbitco.in. This is India's first bitcoin raid and second globally after FBI conducted the raid in October, they said. As per the sources, the owners of the both the bitcoin trading firm would be booked under FEMA Act initially. However, after detail investigation of the data collected, if any havala transaction or criminal nature transaction is detected then they would be booked under the appropriate Act." Continue reading →

Continue ReadingED officials raided two bitcoin trading firm in Ahmedabad

FinCEN: Bitcoin Miners Need Not Register as Money Transmitters

"According to the letter, miners are still free to purchase goods or trade with exchanges with the bitcoins they produce whether operating as individuals or businesses. The news should come as a relief for smaller-scale mining operations. Jerry Brito, senior research fellow at the Mercatus Center, indicated that FinCEN wrotein a private letter last July that all miners would have to register as MSBs, and uncertainty had remained since then. This could have put many individuals out of the mining business with its range of compliance regulations, such as having an auditor on staff. The exact wording of the letter still leaves some room for interpretation, though." Continue reading →

Continue ReadingFinCEN: Bitcoin Miners Need Not Register as Money Transmitters

Paul Krugman Is Wrong: Bitcoin Isn’t Evil, But Monetary ‘Stimulus’ Is

"Krugman asserts that bitcoin is evil because it is a 'weapon intended to damage central banking' and makes it harder for states to tax and monitor people. He gets it exactly backwards. A weapon is a tool used to attack someone. But bitcoin users aren’t attacking anyone; they are avoiding an attack. As the tax burden grows heavier, and surveillance intrudes more deeply, it’s reasonable for people to seek shelter. They just want to protect themselves." Continue reading →

Continue ReadingPaul Krugman Is Wrong: Bitcoin Isn’t Evil, But Monetary ‘Stimulus’ Is

Bitcoin exchanges shut shop in India

"BuySellBitCo.in CEO Mahin Gupta refused to comment on what would happen to the investment that went into BuySellBitCo.in. However, the exchange’s website pointed out that it was suspending operations until a clearer operating framework could be found. 'Post the RBI circular, we are suspending buy and sell operations. This is being done to protect the interests of our customers and in no way is a reflection of Bitcoin’s true potential or price,' the trading platform said. Another trading platform, INBRTC, claimed that the 'only option now was to suspend services until further arrangements could be made.'" Continue reading →

Continue ReadingBitcoin exchanges shut shop in India

Reserve Bank of India Issues Virtual Currency Warning

"There are a few exchanges and trading platforms in India and most of them were launched earlier this year. Although they tend to allow users to purchase bitcoin in rupees, none of them appear to have regulatory approval to do so. However, since India does not have digital currency legislation, it is impossible to get such approval, unless Indian regulators decide to apply existing foreign exchange regulations to bitcoin. For now though, India does not have bitcoin regulation and it is unclear whether the RBI’s statement will change anything moving forward." Continue reading →

Continue ReadingReserve Bank of India Issues Virtual Currency Warning

India Central Bank warns against Bitcoin use

"The Reserve Bank of India, on Tuesday, warned the public against the use of virtual currencies such as Bitcoin, pointing out that users expose themselves to potential financial, legal and security related risks. The public advisory comes after the borderless digital currency has begun to gain widespread acceptance in India, despite poor Internet penetration and a natural scepticism to assets not backed by tangible entities such as land. In its list of potential risks, the apex bank highlights problems such as losses arising out of hacking, no sources of customer recourse and the general financial volatility surrounding Bitcoins." Continue reading →

Continue ReadingIndia Central Bank warns against Bitcoin use

Former U.S. Mint Director: Bitcoin ‘Likely Here To Stay’

"The next five to 10 years will be critical. But like how the mobile devices, Internet, cable, television, movies, musicals, operas and symphonies all have found their niches, the same will be with currency. Precious metals like silver and gold will co-exist with coins and bills (necessary if the lights go out or cyber attack), checks and money orders, credit and debit cards, online payments and digital currency. This technology has the ability to disrupt the status quo and springboard the global economy into the future. It gets sovereign nations out of the currency manipulation business. It may or may not be Bitcoin or its imitators, but chances are likely that digital currency is here to stay." Continue reading →

Continue ReadingFormer U.S. Mint Director: Bitcoin ‘Likely Here To Stay’

Bank of Japan “Very Interested” in Bitcoin: Kuroda

"The Bank of Japan is 'very interested' in the online virtual currency Bitcoin, Governor Haruhiko Kuroda said Friday. The central bank's Institute of Monetary and Economic Studies is studying it, Kuroda said at a regular news conference. 'Compared with traditional ways of money transfers and existing electronic money, Bitcoin has both similar and different aspects,' Kuroda said. Central banks around the world are closely watching Bitcoin, the value of which has been swinging wildly due to speculative trading. The BOJ currently has no plans to take action on the situation surrounding Bitcoin, Kuroda said." Continue reading →

Continue ReadingBank of Japan “Very Interested” in Bitcoin: Kuroda

Singapore government decides not to interfere with Bitcoin

"The Monetary Authority of Singapore (MAS), the country’s central bank, has decided not to intervene on whether businesses can accept Bitcoin as a means of transacting goods and services. 'Whether or not businesses accept Bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene,' it told Singapore-based Bitcoin trading platform Coin Republic in an email. Singapore is one of the world’s top finanacial hubs that is increasingly seen as a challenger to Switzerland’s private baking dominance. The last time MAS issued a statement on Bitcoin was in September, when it warned speculators about the risks of trading the cryptocurrency." Continue reading →

Continue ReadingSingapore government decides not to interfere with Bitcoin