Tag Archives: Money

Hackers turn Square reader into card skimmer in under 10 minutes

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“Square created their tiny, portable card reader to revolutionize the credit card processing business. As it turns out, they may have unwittingly revolutionized card skimming, too.  Researchers Alexandrea Mellen  and John Moore were on hand at this year’s Black Hat conference demonstrating that it only takes 10 minutes to turn an ordinary Square reader into a portable skimmer. It simply requires very little work, and a high level of skill isn’t needed to pull it off. All the duo had to do to hack the reader was to solder in a short length of wire to bypass Square’s built-in encryption chip. Once the wire is in place, the reader can then slurp up and spit out credit card swipe data in the clear.”

http://www.geek.com/mobile/hackers-turn-square-reader-into-card-skimmer-in-under-10-minutes-1630512/

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China stuns financial markets by devaluing yuan for second day running

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“With the bank having said on Tuesday that that day’s action was a ‘one-off depreciation’, the rapid two-day drop in the value of the currency of about 4% dealt a blow to investors. They fear a prolonged currency war that could damage world trade should the US and Japan retaliate and drive down the value of the dollar and yen.  The prices of key industrial and construction metals – nickel, copper and aluminium – hit six-year lows.  The International Monetary Fund said China’s move to make the yuan more responsive to market forces appeared to be a welcome step and that Beijing should aim to achieve an effectively floating exchange rate within two to three years.”

http://www.theguardian.com/business/2015/aug/12/china-yuan-slips-again-after-devaluation

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China currency devaluation hits stocks; dollar gains on currency war fears

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“China’s 2 percent devaluation of the yuan on Tuesday pushed the U.S. dollar higher and hit Wall Street and other global equity markets as it raised fears of a new round of currency wars and fed worries about slowing Chinese economic growth.  U.S. stock indices dropped more than 1 percent and stocks also fell in Asia and Europe as investors contemplated the implications of a move designed to support China’s slowing economy and exports. Companies that sell to China were hit hard, with heavy equipment maker Caterpillar losing 3.13 percent and Germany’s Volkswagen dropping 4 percent. Energy and materials shares also tumbled on China demand concerns.”

 

http://www.reuters.com/article/2015/08/11/us-markets-global-idUSKCN0QG00F20150811

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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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LOT Polish Airlines Now Accepts Bitcoin

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“LOT Polish Airlines is now accepting bitcoin payments, meaning the digital currency can be used to pay for flights to more than 60 global destinations.  Tickets can be purchased on LOT‘s desktop and mobile websites.  LOT now accepts bitcoin alongside payment methods including American Express, PayPal, MasterCard and Visa.  With the decision, LOT becomes the latest eastern European air carrier to accept bitcoin, following airBaltic in July 2014 and Air Lituanica in August of last year. Mexico’s TAR later became the first air carrier in Latin America to accept bitcoin in June.”

http://www.coindesk.com/lot-polish-airlines-accept-bitcoin/

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ShapeShift Raises $525k, Reveals Erik Voorhees as Creator

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“The Swiss-based platform, which lets users swap between 25 digital currencies and tokens, differs from traditional exchanges in that it operates without user accounts and requires no form of registration.  As part of the funding announcement, entrepreneur Erik Voorhees has come forward as ShapeShift’s creator and CEO, having operated under the alias Beorn Gonthier – a reference to J R R Tolkein’s own shapeshifter – since its launch in 2013.  According to Voorhees, the $525,000 will go towards improvements to the exchange engine, as well as marketing and legal work in Switzerland, the company’s base. The ShapeShift team now includes eight full-time staffers, including four developers.”

http://www.coindesk.com/shapeshift-raises-525k-reveals-erik-voorhees-as-creator/

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State Regulators Force Vermont’s Only Bitcoin ATM Offline

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“Vermont’s first digital currency ATM has been ordered closed by state regulators who say the company operating the cash machine is violating state law.   The move by the Department of Financial Regulation has disappointed the tech enthusiasts who used the new currency service.  PYC CEO Emilio Pagan-Yourno admits the company doesn’t have any Vermont-specific licenses. But he says his company is licensed federally through the Financial Crimes Enforcement Network (FinCEN).  The letters from the department warn Blu-Bin and PYC that they may be in violation of the law. But they also seem to show a lack of clarity about what, exactly, the two companies are even doing.”

http://digital.vpr.net/post/state-regulators-force-vermonts-only-bitcoin-atm-offline

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Citibank Is Working On Its Own Digital Currency, Citicoin

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“In a move that should be of no surprise to anyone familiar with the space, Citibank has admitted to running a test platform for digital currencies and is pondering its own solution, CitiCoin.  According to the International Business Times, Citigroup has built its own digital currency based on bitcoin and the blockchain. Kenneth Moore, head of Citigroup Innovations Lab, saw this as a way to move money from country to country and foresaw an internal ‘mining’ network that allowed endpoints to generate the work necessary to maintain the ledger.  While it’s noble for banks to attempt these systems – and they will be attempted again and again – it’s important to note that banks want control.”

http://techcrunch.com/2015/07/07/citibank-is-working-on-its-own-digital-currency-citicoin/

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Australian inquiry says digital currencies are real money

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“An Australian government inquiry will recommend treating digital currencies as money, simplifying tax for people who trade with them while forcing bitcoin exchanges to monitor customers for potential money laundering and terrorism financing activities.  The Senate committee recommendations underscore governments’ growing acceptance of the role of so-called ‘cryptocurrencies’ around the world.  If implemented, the changes would align Australia with the United Kingdom and Spain by having people pay sales tax just once if they buy something with bitcoin, while leaving other nations like Sweden to fret over its true legal status. The changes would also match Australia with Canada and Singapore.”

 

http://www.reuters.com/article/2015/08/05/us-australia-bitcoin-idUSKCN0QA0TS20150805

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The Fed Joins the War on Drugs

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“The Federal Reserve is now in the business of enforcing the US government’s drug laws, even if that means making a mockery of both state governments’ right to set their own drug policies and the Fed’s own governing statutes.  The Fed’s involvement in drug prohibition became official last month, when the Federal Reserve Bank of Kansas City informed Denver’s Fourth Corner Credit Union — a non-profit cooperative formed by Colorado’s state-licensed cannabis manufacturers — of its decision to deny its application for a master account. The Fourth Corner Credit Union isn’t taking this sitting down. On the contrary: it is suing the Federal Reserve Bank of Kansas City.”

http://fee.org/anythingpeaceful/detail/the-fed-joins-the-war-on-drugs

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