Tag Archives: Money

IRS Declares War on Bitcoin Privacy, Sues Coinbase

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“Anecdotes and online braggadocio about tax avoidance are not a reasonable basis to believe that all Coinbase users are tax cheats whose financial lives should be opened to IRS investigators and the hackers looking over their shoulders. There must be some specific information about particular users, or else the IRS is seeking a general warrant, which the Fourth Amendment denies it the power to do.”

https://fee.org/articles/the-irs-just-declared-war-on-bitcoin-privacy/

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Ban $100 bills to tackle crime: Ex-bank chief

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“He argued that high-denomination notes in high-value currencies were little used other than for crime, with people in most parts of the world favoring cash for small payments and electronic alternatives like credit cards or Paypal for bigger ones. As such, Sands called for the elimination of the 500 euro note, £50 bill and 1,000 Swiss franc bill and the $100 note.  Depending on the country, tax evasion robs the public sector of anywhere between 6 percent and 70 percent of what authorities reckon they should collect, Sands added. He said that global financial crime flows amounted to $2 trillion per year, with corruption accounting for another $1 trillion.”

http://www.cnbc.com/2016/02/08/ban-100-bills-to-tackle-crime-ex-bank-chief.html

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No Negative Rates Without Banning Cash, Says Former Fed Official

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“I think it’s going to be hard to push the Fed Funds rate below negative 1. That’s going to be difficult. People can basically take out cash and put it in a vault and they get a zero return on it.  This is supporting the ban on cash rhetoric. This is a huge social debate that we should start having. One way of doing it is to ban cash. Banning cash is a social and political debate, which is going to happen increasingly. As long as we have cash, we can’t have rates of much below negative 1 percent.”

http://www.theepochtimes.com/n3/1974891-cash-ban-would-boost-effect-of-negative-rates/

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EU ‘Terrorism’ Directive Would Create Centralized Database of Bitcoin Users

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“The European Commission – the executive arm of the European Union – has proposed a directive aimed preventing the use the financial system for terrorist financing which includes a central database for bitcoin and virtual currency users’ identities and wallet addresses accessible to government financial intelligence units (FIUs).  The proposal seeks to require member states to bring into force the regulations necessary to comply with this directive by Jan. 1, 2017.  The updated anti-money laundering rules adopted May of 2015 marked an important step to improve the effectiveness of EU attempts to combat money laundering from criminal activities and to fight financing terrorist activities, the proposal noted.”

https://www.cryptocoinsnews.com/eu-central-database-bitcoin-users/

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Bitcoin rival Ethereum fights for its survival after $50 million heist

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“On Friday, thieves exploited a software bug that allowed them to transfer more than 3.6 million ‘ether’—the base unit of the Ethereum currency—out of The DAO’s coffers. The digital loot made up more than a third of The DAO’s 11.5 million ether endowment. The seized booty is valued at anywhere from $45 million (based on the plummeting value of ether following the attack) to as high as $77 million (based on pre-attack exchange rates). In the days following the theft, there have been at least a half-dozen copycat attacks (for instance, as documented here and here) that combined have purloined more than 785 ether.”

http://arstechnica.com/security/2016/06/bitcoin-rival-ethereum-fights-for-its-survival-after-50-million-heist/

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Bitcoin Gains Favor With Modern Day ‘Gold Bugs’ Seeking Financial Security

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“Kanishka Sukumar, a 24-year-old consultant in midtown Manhattan, holds about a third of his wealth in bitcoin. He represents a new generation of ‘gold bugs’ who question the stability of paper currency or seek better ways to protect savings, according to The Wall Street Journal.  One in five bitcoin users hold the cryptocurrency since they don’t want the government or banks controlling their money, according to a survey of 3,500 bitcoin users. That was the second biggest reason the survey respondents hold bitcoin. The main reason, according to the survey from data provider CoinDesk, was to own bitcoin as an investment.”

https://www.cryptocoinsnews.com/bitcoin-gains-favor-modern-day-gold-bugs-seeking-financial-security/

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France Doubles Down On Cash Ban: No Transactions Over 1,000 Euros

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“On September 1st France announced new regulations that ban cash transactions of  1,000 euros. This comes as a surprise since France originally set the threshold at 3,000 euros.  A second measure, which comes into force on 1 st  January 2016 For individuals who perform foreign exchange transactions of their currency against euros. From next year, they will have to provide an ID from 1000 euros. Also as part of the fight against money laundering, banking institutions will, as from 1 st  January 2016, report to Tracfin anyone carrying deposits or withdrawals of cash superiors to 10 000 per month.”

http://thomasdishaw.com/france-doubles-down-on-cash-ban-no-transactions-over-1000-euros/

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Norway’s Biggest Bank Demands Cash Ban

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“Norway – suffering from its own economic collapse as oil revenues crash – has joined its Scandi peers Denmark and Sweden in a call to ‘ban cash.’  Privacy advocates in Norway have expressed worries for years that, without cash, there would be no way for an individual to purchase something without being tracked. In 2014, Finans Norge, a financial industry organization in Norway, said the country was on pace to be a cashless society by 2020, Ice News reported. While DNB said its proposal will take time to complete, executives suggested the country start phasing out cash by discontinuing the 1,000 kroner note so it could focus on updating its banking system.”

http://www.zerohedge.com/news/2016-01-23/norways-biggest-bank-demands-cash-ban

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Italy bank runs: the ‘Northern Rock’ signal of global financial meltdown?

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“On Jan. 21, the oldest surviving bank in the world, Banca Monte dei Paschi di Siena SpA, reported that depositors have been initiating a series of bank runs which have put the financial institution on the precipice of collapse, with all attempts to calm account holders having so far failed.  Since last Monday the share price of Banca Monte dei Paschi di Siena SpA has fallen over 46%.  Back in 2007, bank runs on the British financial institution known as Northern Rock ushered in the start of the global financial crisis that culminated in a collapse that would require taxpayer bailouts, and tens of trillions in central bank liquidity.”

http://www.examiner.com/article/italy-bank-runs-could-be-the-northern-rock-signal-of-global-financial-meltdown

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Canadians Panic As Food Prices Soar On Collapsing Currency

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“As Bloomberg reminds us, Canada imports around 80% of its fresh fruits and vegetables. When the loonie slides, prices for those goods soar. ‘With lower-income households tending to spend a larger portion of income on food, this side effect of a soft currency brings them the most acute stress’ Bloomberg continues.  Of course with the layoffs piling up, you can expect more households to fall into the ‘lower-income’ category where they will have to fight to afford things like $3 cucumbers, $8 cauliflower, and $15 Frosted Flakes.  Some now fear that the hardest hit parts of the country may experience a spike in obesity rates as Canadians resort to cheap, unhealthy foods.”

http://www.zerohedge.com/news/2016-01-13/canadians-panic-food-prices-soar-collapsing-currency

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