money

Bigger than Libor? Forex probe hangs over banks

"A global investigation into the setting of the London interbank lending rate, and related global benchmarks, has so far yielded about $3.6 billion in fines. Penalties for some of the biggest players are still to come. Traders have also faced criminal charges. As the extent of damage caused by Libor-rigging is revealed, lawyers say the probe into fixing currency rates could unfold in a similar way, and rival its impact. London is the center of the loosely regulated foreign exchange market, the biggest in the world's financial system with average daily turnover of $5.3 trillion. Proven abuse in this market would have a significant ripple effect, exposing offending firms to a host of legal action." Continue reading →

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Taiwan central bank ‘keeping close tabs’ on Bitcoin

"The head of Taiwan's central bank said Wednesday that the bank is keeping close tabs on the development of Bitcoin, a decentralized virtual currency that approximates cash on the internet. 'We have taken note of the development of Bitcoin and have adopted measures to prevent money laundering through its trading,' said Perng Fai-nan, the governor of the Central Bank. Ruling Kuomintang Legislator Lu Shiow-yen asked Perng about his view of the bitcoins, which she said are being traded at an exchange rate of 1 to US$590, the highest valued currency in the world. In response, Perng said Bitcoin is a new kind of money circulating among a specific group of people." Continue reading →

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The Rise of Bitcoin and Fall of the U.S Dollar

"In this video Luke Rudkowski interviews Jeff Berwick of the dollar vigilante about the future of the U.S economy and the rise of bitcoin. Jeff is a Canadian entrepreneur, economics, finance, investment writer, libertarian and anarcho-capitalist activist." Continue reading →

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Bernanke: Bitcoin ‘May Hold Long-Term Promise’

"The beautiful thing about Bitcoin, digital currency enthusiasts will tell you, is that it doesn't have a central bank. So with eyes on today's Bitcoin Senate hearing, where does the world's most powerful central banker stand on the elusive cryptocurrency? Now we know. Ahead of the meeting, U.S. Federal Reserve Chairman Ben Bernanke has released a letter to help guide the senate. Quartz's Zachary Seward called it a 'cautious blessing,' with Bernanke acknowledging the Fed doesn't have the authority to supervise virtual currencies, but that they 'may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system.'" Continue reading →

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‘Paradigm shift’: Bitcoin to replace ‘broken’ government currencies?

"The Bitcoin virtual currency is up 24.5 percent in 24 hours, touching a new record of $619. The surge is 'the beginning of something spectacular,' with it potentially displacing the dollar, Jeffrey Tucker of the Foundation for Economic Education told RT. 'I think, that’s not a bubble, it represents a substantial paradigm shift,' Tucker said, commenting on the latest boom of the anonymous crypto currency. 'In fact $600 per bitcoin might be a thing of history, we might get it much –much higher,' the expert added. 'The bottom line is that the government currencies are broken at the moment, they don’t meet the modern needs of an internet age and Bitcoin does,' Jeffrey Tucker explained." Continue reading →

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Bitcoin Scandal Reflects Popularity of Virtual Currency in China

"The willingness to invest in GBL despite its shortcomings demonstrates just how popular 'crypto-currency' has become in China. In early November, BTC China overtook Mt. Gox and Bistamp to become the largest bitcoin exchange site in the world, handling 34 percent of global bitcoin transactions over the previous seven days, according to data from Bitcoinity.org, a website that tracks bitcoin exchanges. Bitcoin’s appeal to Chinese investors is manifold. The currency experienced a major spike in value in July shortly after being the subject of overwhelmingly favorable reports on CCTV, China’s state-run television station, and People’s Daily, the main Communist Party newspaper." Continue reading →

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Bitcoin Foundation Plays Down Silk Road Connection at Senate Hearing

"Even the title of Monday’s Senate Committee hearing on bitcoin reflects the overriding concern. 'Beyond Silk Road – Potential Threats, Risks, and Promises of Virtual Currency' brings together several speakers from the government, industry, and non-profit sectors to give their opinions to the Senate’s Committee on Homeland Security and Governmental Affairs about the potential security risks of the cryptocurrency. Here is a roundup of what to expect from testimony given at the event." Continue reading →

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Online Casinos Hobbled as Credit-Card Issuers Reject Bets

"Just as legal online gambling gets started in the U.S., banks and payment processors are refusing to play. Credit-card issuers Bank of America Corp., Wells Fargo & Co. and American Express Co., along with EBay Inc.’s PayPal, aren’t allowing the transactions, according to the companies. Delaware and Nevada permit Internet wagering, with New Jersey poised to become the third and biggest state on Nov. 26. The rejections threaten a nascent business with the potential to reach $7.4 billion in annual revenue in four years, the estimate of researcher H2 Gambling Capital. American Express and PayPal say they don’t process gambling transactions of any kind." Continue reading →

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Jim Rogers on Price Inflation, Investing in Asia and China’s Boom

"As we speak, there is this meeting in Beijing on what to do about the Chinese economy. It's a plenary council, which only meets periodically. The first meeting was in 1978 where [Deng Xiaoping] started opening up the Chinese economy, which has certainly been the most important thing in the world economy in the past 35 years. In 1993 they had another one, which had dramatic results. The Chinese say that this meeting is going to have equally dramatic and dynamic results and come up with very important changes. It may be as important as 1993 or 1978, and if they do big things, it's going to be perhaps the most important thing affecting the world economy over the next 10 or 20 years." Continue reading →

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Read more about the article Federal Agency Responses Reveal US Government Attitudes to Bitcoin

Federal Agency Responses Reveal US Government Attitudes to Bitcoin

"The US Senate committee due to begin hearings into ‘virtual currencies’ on 18 November has released the responses it received to its August 2013 requests for information on the topic from a number of federal agencies. Until the actual hearings begin, the letters provide one of the most detailed insights so far into how various US government authorities view bitcoin and its contemporaries. The crime-heavy spotlight of the responses might be an indication of the US government’s overall approach to digital currencies such as bitcoin, with only the Federal Reserve and Treasury Department commenting that such payment systems could provide benefit and increase efficiency."

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