Tag Archives: Bitcoin

Russia’s Finance Ministry Wants to Ban Bitcoin, Not the Blockchain

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“Though bitcoin regulation remains a divisive topic globally, there’s perhaps no country that has kept the international bitcoin community guessing about the digital currency’s future more than Russia.  For more than a year, the Ministry of Finance of the Russian Federation, the nation’s economic lawmaking body, has been repeatedly and staunchly against allowing its use as an alternative to government-issued money. Just last month, for example, deputy finance minister Alexey Moiseev told CoinDesk that the Ministry was working on a draft law that would seek to punish those converting cryptocurrencies into the ruble with up to four years in prison.”

http://www.coindesk.com/russia-ban-bitcoin-not-blockchain/

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European Union to Crack Down on Bitcoin After Paris Attacks

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“A draft document seen by Reuters said that EU member countries were planning to crack down on digital currencies and anonymous payment systems made via pre-paid cards in a bid to curb terrorism financing.  EU justice and interior ministers who will attend the meeting are expected to urge the European Commission to come up with measures to ‘strengthen controls of non-banking payment methods such as electronic/anonymous payments and virtual currencies and transfers of gold, precious metals, by pre-paid cards,’ said the draft conclusion of the meeting seen by Reuters.”

http://www.coindesk.com/european-union-to-crack-down-on-bitcoin-after-paris-attacks/

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Coinbase Just Debuted the First Bitcoin Debit Card in the US

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“It’s called the Shift Card, and it lets you spend bitcoin at any merchant—both online and off—that accepts an ordinary VISA card. Imagine buying a burrito at your local Mexican joint with bitcoin card, or a television from Amazon.com. The card has been approved for use by anyone living in one of 25 US states, including Texas, Washington, and New Jersey.  The new debit card is available to anyone with a Coinbase account. To sign up, you must verify your identity and pay a $10 insurance fee. After that, when buying from merchants based in the US, you can pay for goods in bitcoin without any additional fees (as with other debit cards and credit cards, the fees are paid by the merchants).”

http://www.wired.com/2015/11/coinbase-unveils-countrys-first-bitcoin-debit-card/

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Terrorists win: European Union to crack down on Bitcoin post Paris

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“The same draft document that includes a crackdown on Bitcoin is said to also include a plan ‘to curb more effectively the illicit trade in cultural goods,’ presumably a reference to antiquities smuggled out of ISIS held territories and sold on the black market for a profit.  Bitcoin’s role in the Paris terrorist attacks isn’t entirely certain, despite the fact that the Ghost Security Group suggested earlier this week that Bitcoin may have been used to finance the attacks. It may be cliched to say cracking down on anything as a result of terrorism is a case of letting the terrorists win, but without question the proposal by the European Union precisely fits this definition.”

http://siliconangle.com/blog/2015/11/19/terrorists-win-european-union-to-crack-down-on-bitcoin-post-paris-terrorist-attacks/

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Visa to Deploy Blockchain Research Team in Bangalore, India

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“Visa, the world’s largest payment network, will soon deploy a team of developers in Bengaluru (Bangalore), India, to use blockchain technology to improve its digital payments processes, Live Mint reports.  Last week Visa announced the opening of its new technology development center in Bangalore, which will host 1,000 fintech engineers and play a central role in the company’s efforts to accelerate digital commerce globally. As part of the opening ceremonies, Visa announced mVisa, a new mobile payment service that will be tested this summer with merchants across the Bangalore region and with customers of Axis Bank, HDFC Bank, ICICI Bank, and SBI (State Bank of India).”

https://bitcoinmagazine.com/21547/visa-deploy-blockchain-research-team-bangalore-india/

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Bitcoin Companies Terminate Service in NY due to BitLicense Compliance Costs

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“The world’s largest peer-to-peer bitcoin marketplace Local Bitcoins and bitcoin marketplace BitQuick have terminated their services in New York due to the strict restrictions and fees demanded by New York’s BitLicense.  Local Bitcoins is a unique case; as every single seller on Local Bitcoins would be required to pay $5,000 to apply for BitLicense.  New Yorkers who have depended on the services of Local Bitcoins would have to cross the river and sell or purchase bitcoin in New Jersey legally.  The worst part, BitQuick and Shapeshift say, is that the government is trying to get hold of sensitive customer data of all exchanges.”

https://bitcoinmagazine.com/21553/bitquick-local-bitcoins-terminate-service-ny-due-bitlicense-compliance-costs/

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You May Soon Get Bitcoin-Bought Cannabis Delivered by Drone

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“A company near San Francisco has come up with a novel way to deliver bitcoin-purchased marijuana, via drone.  Trees, which claims to sell the ‘highest quality’ medicinal cannabis to people holding a medical recommendation, accepts payments in bitcoin alongside traditional payment methods such as cash, online bank transfer and credit cards.  A spokesperson for the company confirmed that drone deliveries were not currently available, due to local regulations. The drone delivery option, the spokesperson said, would be rolled-out in the future if and when the regulation around the flying devices settled.”

http://www.coindesk.com/drone-delivers-bitcoin-purchased-cannabis-in-california/

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European Court of Justice Official Proposes Bitcoin VAT Exemption

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“Citing existing exemptions for currency and money transactions in Europe’s VAT Directive, Advocate General Juliane Kokott urged the court to opt against applying a tax to bitcoin purchases and sales. She further argued that bitcoin, while not legal tender, is still a form of money.  Swedish tax officials asked the ECJ to look into the matter last June. At the time, the Skatterverket – Sweden’s tax office – challenged a court decision that ruled bitcoin transactions in the country should be exempt from VAT.  The publication of the European Court of Justice’s opinion follows the release of bitcoin VAT exemptions by various EU member states.”

http://www.coindesk.com/european-court-of-justice-official-proposes-bitcoin-vat-exemption/

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Homeland Security prompted panic withdrawals that sank Mt. Gox

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“The U.S. Department of Homeland Security seized Mt. Gox assets of around $5 million kept in U.S. bank accounts around May 2013, saying it was ineligible to operate fund transfer services in the United States.  The decision prompted clients in the United States to rush to withdraw money entrusted to Mt. Gox.  By August that year, the company appears to have incurred several billion yen in losses, leading liabilities to surpass its assets and capital on its balance sheet.  The police are also investigating whether Karpeles consolidated customer and corporate funds in a bank account held by the company and embezzled around ¥1.1 billion.”

http://www.japantimes.co.jp/news/2015/08/04/national/crime-legal/mt-gox-ran-money-six-months-going-bust/

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Mt Gox CEO Mark Karpeles Arrested in Japan

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“Police arrested Mt Gox CEO Mark Karpeles today in Japan on allegations that he manipulated volume on the then-market leading bitcoin exchange platform prior to its 2014 collapse.  The formal action from the Tokyo Metropolitan Police follows escalating reports this week that Karpeles was facing criminal charges for fraud and embezzlement, and comes more than a year after Mt Gox first filed for bankruptcy protection in the US and Japan.  The news source stated that Karpeles has not yet been charged with any crimes, meaning he could be detained for up to 23 days before a formal charge without the possibility of bail.”

http://www.coindesk.com/mt-gox-ceo-mark-karpeles-arrested-in-japan/

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