Not a Good Sign for the US Stock Market…
"Especially given that money supply (M2) growth is slowing. Earnings estimates are declining, while stocks soar." Continue reading →
Sealand to adopt bitcoin?
"We’ve seen bitcoin gaining traction among companies ranging from porn merchants through to car dealerships. But this may be the first time we’ve seen a country adopting it as a currency – well, a country of sorts. The Principality of Sealand has expressed an interest in adopting bitcoin. 'Prince Michael' Bates, of the quirky, self-proclaimed independent state, expressed interest in the virtual currency during an interview on the Reddit site. The son of Sealand founder Roy Bates was asked if the state could print its own money. 'Yes, we are looking at ways to do it securely. Also bitcoin sounds really interesting if they stabilise,' Bates said." Continue reading →
Credit Union: Bitcoin’s New Best Friends?
"The Internet Archive Federal Credit Union would like to help both the people who are setting up bitcoin exchanges and those who want to do business with them, navigating them through the regulatory landscape by setting up accounts that follow know-your-customer laws. Modell would also like to work to set up low-cost, overnight transfers between bitcoin exchanges and the bank accounts of their customers. This would be a much cheaper alternative to wire transfers, which can cost more than forty dollars each. Finally, Modell says the credit union may extend credit lines up to $5000 to individuals that are investing in bitcoin through these exchanges." Continue reading →
US Department of Treasury Targets Bitcoin Poker Sites
"In March, FinCEN exercised its power under the Bank Secrecy Act to clarify its position on convertible virtual currencies. The clarification means bitcoin poker sites that accept US players could find themselves in hot water if they facilitate the transfer of convertible virtual currency, which occurs whenever a player gains from or loses to another bitcoin poker player. Regardless of where they are based, bitcoin poker rooms could face prosecution under 18 USC 1960 (prohibition of unlicensed money transmitting businesses). The legislation was originally written to combat money laundering, but the clarification by FinCEN brings bitcoin services within its scope." Continue reading →
Swiss banks face massive fines over Americans’ untaxed bank accounts
"Swiss banks holding US citizens’ funds that are not declared to American tax authorities are set to have to pay a massive fine, under a deal between Switzerland and Washington, a newspaper reported Wednesday. The Swiss daily Neue Zuercher Zeitung, quoting sources familiar with the talks, said that the fine could reach 40 percent of the funds in question. Swiss media have reported that under a compromise hammered out by negotiators, the 300 banks in Switzerland would be classed according to their level of alleged complicity in tax evasion. The dozen banks seen as the main perpetrators would reportedly be forced to make a case-by-case deal with the United States." Continue reading →
Bank depositors to suffer losses in new EU law
"A draft European Union law voted on Monday would shield small depositors from losing their savings in bank rescues, but customers with over 100,000 euros in savings when a bank failed could suffer losses. From 2016, large depositors in the European Union might suffer losses if a bank gets into serious trouble, echoing a deal in Cyprus where wealthy depositors were hit hard at two banks to save the country from bankruptcy. Under the EU proposal, a bank would only dip into large deposits of over 100,000 euros once it had exhausted other avenues such as shareholders and bondholders." Continue reading →
Maligned dollar flourishes in Venezuela
"Black-market dealers operating on the thriving underground market sell greenbacks at more than four times the official, government-set rate of 6.3 bolivars to the dollar. And the price they’re getting these days — 28 per dollar — is more than three times what it was just eight months ago. Because the bolivar is artificially overvalued and practically worthless outside Venezuela, everyone here is desperate for dollars, from auto-part importers to supermarkets to ordinary Venezuelans planning to travel abroad. Even government officials and the politically connected businessmen who have made fortunes off the free-spending state search out and trade in dollars." Continue reading →
Spain’s Bitcoin Reaction to the Cyprus Crisis Government Grab of Deposits
"Number of Bitcoin dealers, before and after the Cyprus crisis, in Spain." Continue reading →
The Top 3 Things I Learned at the Bitcoin Conference
"This past weekend I attended the Bitcoin 2013 conference in San Jose, where over one thousand enthusiasts, developers, entrepreneurs, venture capitalists, and, yes, lawyers gathered to chart the future of the virtual currency. Bitcoin to date has been the domain of geeks, gold bugs, and cypherpunks, but sensing its disruptive (and profitable) potential, entrepreneurs and venture capitalists are pouring into the space. This transition from ideological enclave to professionalized financial network was on display at the conference’s exhibit hall." Continue reading →
Canadian regulators welcome US Bitcoin refugees with open arms
"The Register has seen a letter from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) which was sent to several prominent Bitcoin exchanges in the country, explaining they are exempt from strict money-laundering laws. US police used similar laws to freeze the accounts of Mt. Gox, the world's largest Bitcoin exchange, last week after claiming it was operating as an 'unlicensed money service business.' But in a letter to the Canadian exchanges, FINTRAC confirmed the exchanges were not actually money service businesses and were therefore exempt from laws governing this type of firm." Continue reading →
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