Mainstream News

China Bans Payment Companies Working With Bitcoin Exchanges?

"Sources close to China’s Central Bank today reported that the institution has banned third-party payment companies from doing business with bitcoin exchanges. A reputable source told CoinDesk that the People’s Bank of China (PBOC) met with most of the top third-party payment companies this morning. The source said the meeting topic was unrelated to bitcoin, but digital currency became an important part of the discussion. 'PBOC, in no uncertain terms, directed third-party payment companies not to do business with bitcoin exchanges in China,' they explained." Continue reading →

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It’s Hard to Summon Sympathy for Big Banks

"It may not be easy to be sympathetic to the big banks, but it is easy to understand their surprise and frustration. They have gone from being viewed as national champions — proof of a country’s standing in the world — to being seen as a potential source of national disaster. Iceland and Ireland went broke because they had to, or chose to, bail out their irresponsible banks. Eric H. Holder Jr., the attorney general, did not help when he said last spring that the Justice Department had to keep in mind that filing criminal charges against a large bank could 'have a negative impact on the national economy, perhaps even the world economy.' He quickly backtracked, but the perception was reinforced." Continue reading →

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New Barbados currency ‘more secure’ [May 2013]

"Producers of fake Barbados money should not be smiling all the way to the bank anytime soon. On the heels of what it said was 'an increase in counterfeit activity in 2012', the Central Bank of Barbados has unveiled the island’s first new banknotes in 40 years. Central Bank of Barbados officials and representatives from British-based currency printer De La Rue officially introduced the new notes this morning at the Grande Salle, Tom Adams Financial Centre, saying they carried advanced security features within a modern design that was in the making for the last three years." Continue reading →

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Barbados PM: Central bank ‘indulgence’ a threat to economic stability

"Former Barbados prime minister Owen Arthur said that the Central Bank had printed BDS$370 million to purchase Government Treasury Bills, which had caused the country’s foreign exchange reserves to plunge. 'The printing of money on this scale to accommodate government’s fiscal deficit is the chief factor that has triggered the dramatic plunge downward in the country’s foreign exchange reserves. If this plunge downward is not immediately checked, the economic affairs of Barbados will enter a new and very dangerous territory,' he warned, reminding of the economic and social problems of Guyana and Jamaica as a result of excessive increases in money supply and inflation." Continue reading →

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Barbados Debt Higher Than Cyprus Prompts Firing of 3,000

"Barbados will fire 3,000 public sector workers by March and freeze wages as the eastern Caribbean island’s debt burden soars and the International Monetary Fund says 'urgent adjustments' are needed. Barbados’s ratio of debt to gross domestic product reached 94 percent in September, the IMF said today, more than the 93 percent that forced Cyprus to seek a European Union-brokered bailout in March. Finance Minister Chris Sinckler told lawmakers yesterday that the government risks 'further hemorrhaging' of its reserves and the local currency’s peg to the dollar if nothing is done. Barbados’s financial struggles are mirrored across much of the Caribbean, which has seen eight debt defaults since 2003." Continue reading →

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Cyprus central bank: Bitcoin use dangerous

"The Central Bank (CBC) has said use of virtual currency bitcoin is extremely dangerous, the Cyprus News Agency (CNA) said on Tuesday. 'Using any virtual money is extremely dangerous because they are not monitored by any authority, thus operating without control,' CNA said, quoting the CBC. In a written response later on Tuesday, Danny Brewster the CEO of Neo & Bee, the largest business in the world that is building infrastructure around the Bitcoin technology, said he had been trying for the past two weeks to reach and arrange a meeting with the CBC so that it could operate under the appropriate regulatory framework." Continue reading →

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Central banker: Aussie dollar needs to fall further

"Reserve Bank of Australia governor Glenn Stevens has indicated he wants an Aussie dollar closer to 85 US cents, while pointing to 'promising signs' that the economy is transitioning away from the mining boom. But he said that turning the lower currency into a real depreciation that spurs growth would require real wage cuts. 'I thought [US]85 cents would be closer to the mark than [US]95 cents . . .but really, I don't think we can be that precise. I just think that if things over the medium term evolve as we're presently assuming – and I think it's reasonable to make these assumptions – it's going to be surprising if a nine at the front is the right number,' he said." Continue reading →

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Dismantle the euro, says Nobel-winning economist who backed it

"A Nobel prize-winning economist will on Thursday withdraw his support for the euro saying it has created a 'lost generation' unemployed youngsters and should be broken up. Sir Christopher Pissarides was once a key proponent of a single currency but will on Thursday accuse the euro of 'dividing Europe' and say action is needed to 'restore the euro’s credibility in international markets' and the 'trust that Europe’s nations once had in each other', according to the Daily Mail. The Cypriot-British economist, who won the Nobel prize in 2010, is speaking days after Christine Lagarde, the head of the International Monetary Fund, insisted the crisis in the eurozone was not yet over." Continue reading →

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European Union Warns on Bitcoin

"The European Union on Friday added to a string of recent warnings about the safety of using and investing in Bitcoin, the virtual currency that is not issued by any government. The union’s banking authority said consumers needed to be aware that they were not protected through regulation when paying with Bitcoins. The digital currency is vulnerable to hackers, might lose its value and any misuse could prompt law enforcement agencies to close Bitcoin exchange platforms and keep consumers from accessing their investment, the European regulator said, adding that it was looking into whether such currencies could and should be regulated." Continue reading →

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China bitcoin arbitrage ends as traders work around capital controls

"The price gap between bitcoins trading in Chinese yuan and those sold for other currencies has evaporated in recent days, highlighting the porous nature of China's capital controls. A key driver of the price gap was China's capital controls, which make it difficult for speculators to swap yuan proceeds from the sale of high-priced Chinese bitcoins into dollars. Analysts say the price convergence also reflects the rapid evolution of the bitcoin market, which began with technology enthusiasts but quickly expanded to include those with the financial know-how to evade China's strict capital controls." Continue reading →

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