money

U.S. Officials Deal Blow to Bitcoin

"The scrutiny comes after the Treasury Department ruled in March that firms issuing or exchanging online cash, including currencies not backed by a central bank, would be subject to the same money-laundering rules as traditional providers like Western Union Co. A number of firms have registered as money-transmission businesses since the agency issued the guidance, but Mt. Gox hasn't done so, according to a FinCen list. The agency doesn't have authority to take on Mt. Gox directly because it is based in Tokyo, but has fired a shot across the exchange's bow by going after its U.S. subsidiary." Continue reading →

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Google Folds Wallet Support Into Gmail So You Can Send Money As Attachments

"According to a post on the official Google Commerce blog, Google Wallet support has been baked into Gmail, so users will soon be able to send each other money by simply shooting each other emails. In the coming weeks and months, a dollar sign will start popping in Gmail accounts of people who already use Google Wallet, and a quick click lets users define the recipient and the amount they’d like to send along as an attachment. Since all of these transactions run through Google Wallet, the usual caveats are in place — sending funds from a connected bank account is totally gratis, but credit or debit cards are subject to an additional 2.9 percent fee." Continue reading →

Continue ReadingGoogle Folds Wallet Support Into Gmail So You Can Send Money As Attachments

The Feds Are Cracking Down On Mt. Gox (Not On Bitcoin)

"It’s important to note here that Homeland Security is not cracking down on Bitcoin itself, just on how it’s being exchanged by Mt. Gox. This is actually good news for Mt. Gox’s US-based competitors, such as Seattle-based CoinLab and San Francisco-based Coinbase, Bitcoin exchanges that have registered with the Treasury Department as money transmitters and thus are in the legal clear to conduct Bitcoin $ exchanges. Mt. Gox’s legal troubles don’t seem to be affecting the value of Bitcoin, which has been hovering in the $115 range for the last week." Continue reading →

Continue ReadingThe Feds Are Cracking Down On Mt. Gox (Not On Bitcoin)

Earlier This Week, UK Government Agents Held a Conference on Bitcoins

"About 50 civil servants from HM Revenue & Customs, the Serious Organised Crime Agency, Home Office and GCHQ – the intelligence listening service – held a one-day conference which examined how Bitcoin works and how criminals might seek to exploit the electronic cash system, which is currently unregulated by any financial authority. The Future of Money conference, which included presentations on how the cryptocurrency works, was organised by the government’s Foresight Horizon Scanning Centre, an arm of the Department for Business, Innovation and Skills which develops 'innovative, long-term policy.'" Continue reading →

Continue ReadingEarlier This Week, UK Government Agents Held a Conference on Bitcoins

Mt. Gox Funds at Wells Fargo Have Been Seized

"Not only have Mt Gox funds been seized from the Dwolla account, but according to the warrant issued for that seizure, a separate seizure warrant was issued to allow Homeland Security to seize the funds in the Mt Gox account held in the name Mutum Sigillum at Wells Fargo. It appears that Mt Gox has been shutdown for all practical purposes in the United States." Continue reading →

Continue ReadingMt. Gox Funds at Wells Fargo Have Been Seized

Feds reveal the search warrant used to seize Mt. Gox account

"In the warrant, a special agent with Homeland Security Investigations (HSI), states that there's probable cause to believe Mt. Gox is engaging in 'money transmitting' without a license, a crime punishable by a fine or up to five years in prison. The warrant goes on to demand that Dwolla hand over the keys to account number 812-649-1010, which is owned by Mt. Gox subsidiary Mutum Sigillum LLC, and held in the custody of Veridian Credit Union. The funds in that account 'are those of Mt. Gox customers that withdraw said funds from Mt. Gox and direct their transfer to Dwolla.'" Continue reading →

Continue ReadingFeds reveal the search warrant used to seize Mt. Gox account

Amazon Launches Its Own Virtual Currency Called Coins

"Amazon has launched its own currency called Amazon Coins, MailOnline reports. It's currently only available for US Kindle Fire owners, but the Coins can be used to pay for games, apps and in-app purchases from the Amazon Appstore. One Amazon Coin is worth one penny, and Kindle Fire owners are getting 500 Coins ($5) for free as part of the launch. The Coins will also be able to be used on the company's retail site when they become more widely available. Amazon Coins can be bought in batches of 1000, 2500, 5000 and 10,000. The more you buy, the bigger the discount and 10,000 Coins costs $90, for example." Continue reading →

Continue ReadingAmazon Launches Its Own Virtual Currency Called Coins

Granite State ‘Bitcom’ trio counting on virtual currency Bitcoin

"Their invention, the Bitcoin Machine, is gaining widespread attraction within the community of Bitcoin users after its debut at the third international Bitcoin conference, 'The Future of Payments,' in San Jose, Calif., May 17-19. The machine allows users to insert currency into a bill validator, a common component of any vending machine. The machine calculates the value of the currency and displays a QB code (those fancy bar codes that mobile devices can read). Customers 'read' the QB code with their mobile device, and Bitcoins are deposited into their virtual 'wallet' based on the value of Bitcoin per dollar at that moment." Continue reading →

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Homeland Security Seizes Funds Associated with Dwolla Account of Bitcoin Dealer Mt. Gox

"The Department of Homeland Security has served a court order to the money exchange service Dwolla, in regard to its dealings with Mt. Gox. Earlier today, I reported on news that the Department of Homeland Security ordered the money transfer firm from transacting with the Bitcoin dealer Mt. Gox. More details are now emerging. A representative for Dwolla told Betabeat that, 'The Department of Homeland Security and U.S. District Court for the District of Maryland issued a ‘Seizure Warrant’ for the funds associated with Mutum Sigillium’s Dwolla account (a.k.a. Mt. Gox).'" Continue reading →

Continue ReadingHomeland Security Seizes Funds Associated with Dwolla Account of Bitcoin Dealer Mt. Gox

Argentina’s Deadbeat Special: Buy a 4% Bond or Go to Jail

"President Cristina Fernandez de Kirchner wants tax evaders hiding about $160 billion in dollars to help finance Argentina’s oil-producing ambitions. Her offer: Buy a 4 percent bond or face the prospect of jail time. The tax authority announced the plan May 7, highlighting its information-sharing agreements with 40 nations and warning Argentines who don’t use the three-month amnesty window that they risk fines or arrest. Evaders have two options for their cash and the only one paying interest will be a dollar bond due in 2016 to finance YPF SA (YPF), the state oil company." Continue reading →

Continue ReadingArgentina’s Deadbeat Special: Buy a 4% Bond or Go to Jail