money

India Central Bank Prohibits Sales Of Gold Coins By Banks

"Two weeks ago, with its current account getting crushed by relentless gold imports, India's finance minister Chidambaram literally begged the people to stop buying gold. Judging by the popular response, the ongoing physical shortage, and last night's increase in Indian gold import duties from 6% to 8%, appealing to people's feeling when it comes to the choice of fiat vs physical, has failed miserably. Per Reuters: 'The Reserve Bank of India has advised banks against selling gold coins to retail customers, Finance Minister P. Chidambaram said on Thursday, a day after he raised gold import duty to try to ease pressure on India's bloated current account deficit.'" Continue reading →

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U.S. States Push to Bring Back Gold Standard

"More than a dozen states have introduced laws to recognize gold as legal currency. If the bill gets the governor's signature, Arizona will be the second state to legally consider gold as legal tender. Supporters of going back to the gold standard say the system is preferable to the Federal Reserve and Ben Bernanke's monetary policies. On the 80th anniversary since the Gold Standard in the U.S. was abolished, RT Correspondent Liz Wahl reports on the rush get back to gold." Continue reading →

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Costa Rica Probes Liberty Reserve Founder Marriage

"The man who allegedly founded currency transfer firm Liberty Reserve may have paid a Costa Rican woman to marry him so he could get citizenship in this country, which lacks an extradition treaty with the United States, authorities said Wednesday. Deputy director of judicial investigations Gustavo Vega said officials were still investigating the 2010 marriage between millionaire Arthur Budovsky and a woman who local media identified only by her last names of Valerio Vargas." Continue reading →

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‘Virtual’ Currencies Draw State Regulator Scrutiny

"State banking regulators are scrutinizing companies that let people buy and sell virtual currencies such as bitcoin, and some are looking at requiring costly licenses, according to people familiar with the efforts. Texas is one of 48 states that require companies to obtain money-transmission licenses to operate. South Carolina and Montana don't have such rules. New York bank regulators said they are also discussing the issues with virtual currency exchanges operating in the state. State money-transmission licenses can be costly. In Texas, companies seeking a license must provide a surety bond of between $300,000 and $2 million, depending on transaction volume." Continue reading →

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Looking to spend those hard-earned Bitcoins? Victoria diner takes cybercurrency

"Cabin 12 is calling itself the first 'bricks and mortar' business in Victoria to accept cybercurrency Bitcoin as payment for meals. The restaurant has been accepting Bitcoin payments since February. And while co-owner Dan Del Villano says it's in the early stages and few have taken advantage of the option — four customers have used it and Cabin 12's Bitcoin wallet now has about $150 — he's optimistic it could become a more regular option for some customers as it garners mainstream attention." Continue reading →

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The Real Reason Governments Are Killing Financial Privacy

"With the deficit in 2012 for the US federal government at $1.1 trillion, the expected $900 million from FATCA is not even a drop in the bucket. Even in the unlikely event that the US will moderately reduce its deficit in the future, the revenue from FATCA will remain a pittance in comparison. Why would the US government go through all the enormous trouble of implementing FATCA if it's going to bring in such a meager amount of money? If it's not money, it appears the primary motivation here is control. The new 'global standard' is a path that will put governments around the world one step closer to being able to track and control every penny you earn and every penny you spend." Continue reading →

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Bitcoin Grows Up

"According to the official count, 1200 enthusiasts, techie geeks, trendy investors, eccentric entrepreneurs, crypto hackers, small-government aficionados, and a few downright weirdos had descended on the Bay Area for America's first big bitcoin conference, which, for a $300 fee, promised participants a hard look at the not-so-hard future of money. In one way it was like a rich guy's LAN party, a chance to put a face to people who had known each other mainly through internet forums. But it also had the vibe of one of those night-long infomercials about the Next Big Thing." Continue reading →

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