"The PBOC issued a statement today, according to 21st Century Business Herald, that halts virtual credit card products and 'face-to-face' payment services such as QR code payment." Continue reading →
"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 →
"The self-proclaimed government in Kiev is reportedly planning to cut pensions by 50 percent as part of unprecedented austerity measures to save Ukraine from default. With an 'empty treasury', reduction of payments might take place in March. Ukraine’s new prime minister, Arseny Yatsenyuk, promised the government would do its best to avoid a default, adding that he expects an EU/IMF economic stabilization package soon. The European Commission offered Ukraine an 11 billion euro loan if Kiev agrees a deal with the IMF. Accepting IMF money will mean many sacrifices for Ukraine’s economy, [such as] increased gas bills, frozen government salaries, and all around budget cuts." Continue reading →
"Savers eventually will have to pay for their current accounts, according to the new chief executive of Royal Bank of Scotland. Ross McEwan, the head of Britain’s second-biggest current account provider, said that free banking would come to an end because up-front fees were more transparent. RBS had no plans to scrap free banking, but he cast the eventual adoption of a fee-based system in the context of making banks more straightforward for customers. He said in a weekend interview: 'I think [the end of free banking] is something that will be addressed in the marketplace.'" Continue reading →
"The military escalation in Ukraine has had dire consequences for the financial state of the country, its banks, and ultimately its people. The central bank promised to rescue domestic banks so long as they agreed to its complete control and it appears the first consequences of that 'we are here to help you' promise is coming true. Privatbank is Ukraine's largest bank and while claiming this move is temporary (just like Cyprus' capital controls), the bank has also ceased new loans amid what it calls 'geopolitical instability'. In summary, you can't have your money back! Expect long angry lines at Ukrainian banks on Monday morning." Continue reading →
"'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 →
"The Consumer Financial Protection Bureau is expected to draft rules governing payday lending this year. But the conventional wisdom that will likely guide it is based on false perceptions about the working poor and the best way to serve them. So argues Lisa Servon, a professor at The New School in New York, who spent four months as a teller at a check-cashing business in the South Bronx and three at a payday lender in Oakland, Calif. Servon's conclusion is that many low-income consumers fulfill their financial needs outside the regulated banking system by choice and in many cases are better off for doing so." Continue reading →
"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 →
"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 →
"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 →