Tag Archives: Money

Ukraine Goes Cyprus 2.0, To Tax Deposits Over 100,000 Hryvnia

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“Ukraine’s parliament is to consider draft laws which would ban foreign-currency bank deposits and introduce a 25% tax on interest on deposits in banks and other financial institutions in circumstances where the interest received is more than 5% above the rate set by the National Bank of Ukraine.  The proposed amendments to banking and tax legislation were put forward by Yevhen Sihal, who is a member of the country’s ruling Party of Regions. In an explanatory note submitted with the drafts, he argued that the higher tax rate will encourage consumer spending, reduce the cost of business loans, and provide extra funding for the country’s Pension Fund.”

http://www.zerohedge.com/news/2014-03-20/ukraine-goes-cyprus-20-tax-deposits-over-100000-hryvnia-appease-imf

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Startup of the Week: CurrencyTransfer

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“CurrencyTransfer is a business foreign exchange price comparison marketplace. International business payments can be expensive and opaque, with hidden markups of up to five percent of the value of transfers. CurrencyTransfer aims to bring transparency and impartiality to the market, by getting currency specialists to lifestream their tradable rates — which are usually decided ‘manually’ over the phone depending on the client — in a transparent market.  It was set up by computer scientist Stevan Litobac, who was born in Sarajevo but fled to the UK when the Bosnian war started, and Israeli-Brit Daniel Abrahams.”

http://www.wired.co.uk/news/archive/2014-03/21/startup-of-the-week-currency-transfer

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Appeals court upholds Fed’s 21-cent cap on retailer ‘swipe fees’

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“A Federal Reserve rule allowing banks to charge retailers 21 cents to process debit-card transactions has been upheld by a federal appeals panel, a blow to big merchants such as Wal-Mart Stores Inc. and Target Corp.  The dispute stems from a Dodd-Frank provision that required the Fed to set the so-called interchange fees, known colloquially as swipe fees, at a level reflecting the actual processing costs.  The Fed’s staff recommended cutting the fee from 44 cents per transaction on average to just 12 cents. But after heated protests from the financial industry, the Fed in June 2011 set a cap of 21 cents per transaction.”

http://www.latimes.com/business/money/la-fi-mo-debit-card-fees-20140321,0,7711407.story

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Silicon Valley can’t keep up with Korea’s financial revolution

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“T-Money, owned and operated by a conglomerate including the Seoul City Government and LG, has quickly become the de facto cash alternative for Koreans all over the country.  Not only can T-Money be used on trains, taxis and buses, it’s accepted in most major shopping chains, online, at vending machines, in bars and restaurants, and even at theme parks and museums.  Its first incarnation as a contactless credit card has evolved into a huge variety of form-factors, including wristbands, keychains, and dongles.  T-Money is part of the financial infrastructure of Korea, directly linked to bank accounts and debit cards everywhere.”

http://thenextweb.com/asia/2014/03/22/silicon-valley-cant-keep-koreas-financial-revolution/

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Jeff Berwick talks Bitcoins and Central Banking on The Power Hour

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“The dollar vigilante, Jeff Berwick, discusses the past, present and future of bitcoin and how central banks and governments are trying to figure out how to stop its evolution.”

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Bitcoin & Anarchy with Jeff Berwick

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“In this episode we interview Jeff Berwick of The Dollar Vigilante and Anarchast. We cover lots of interesting topics from; moving to South America, making your own start-up, protecting your wealth with Bitcoin and others.”

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Top Treasury Official Sees No Widespread Criminal Bitcoin Use

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“‘Terrorists generally need ‘real’ currency, not virtual currency, to pay their expenses -– such as salaries, bribes, weapons, travel, and safe houses,’ David S. Cohen, the undersecretary for terrorism and financial intelligence.  Cohen said that some virtual currency companies haven’t registered with Treasury’s Financial Crimes Enforcement Network, a requirement established in March 2013, and aren’t following record keeping and reporting requirements.  The Treasury Department’s Bank Secrecy Act Advisory Group will include a member of the virtual-currency community to help make regulations ‘better informed and more effective,’ Cohen said, without saying who it will be.”

http://www.bloomberg.com/news/2014-03-18/treasury-s-cohen-says-regulation-helps-virtual-currencies.html

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Bitcoins Buy a $500,000 Villa in Bali

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“Bitcoin fans can use the virtual currency to buy a Subway sandwich in Allentown, Pa., get their teeth cleaned in Los Angeles or find a date on OKCupid.  Now one bitcoin enthusiast has handed over more than 800 bitcoins to buy a two-bedroom luxury villa in Bali, Indonesia.  The sale took place on Feb. 19 via BitPremier, a website that calls itself ‘the bitcoin luxury marketplace.’ Sellers list properties and other goods on the site, which prices them in bitcoins as well as traditional currencies. When an item sells, the site takes a 5% commission, paid in bitcoins.  The villa’s buyer is an ‘early bitcoin adopter’ who has chosen to remain anonymous, said Alan Silbert, chief executive of BitPremier.”

http://online.wsj.com/news/articles/SB10001424052702304026304579449710288367366

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Fraud from stolen bank cards highest since 2006

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“Consumers are being warned about a series of bank card scams, after fraud from stolen cards rose to its highest level in eight years.  Cards that were lost or stolen in the UK resulted in losses of £58.9m last year, the largest figure since 2006.  Losses from all types of card fraud rose by 16% in 2013, to £450m.  The UK Cards Association, which produced the figures, highlighted ‘distraction’ thefts of cards as a particular problem.  It warned that consumers are frequently being targeted while using their cards in shops or bars, or at cash points.  Typically they will have a bit of paper thrust in front of them, asking for directions. While they are distracted, the criminal will steal their card.”

http://www.bbc.com/news/business-26576479

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Dutch Christian Democrats Push For Ban On Tor Network, Bitcoin

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“The questions were issued by two Dutch politicians, Peter Oskam and Eddy van Hijum, both members of the Christian Democratic Appeal party, who stressed the importance of scrutinizing the issue in the wake of this arrest, as well as the suicide of a Dutch teenager who purchased a firearm online.  The lawmakers were seeking to address the steps being taken by Opstelten and his agency to limit the purchase of firearms online. The correspondence suggested potential bans on bitcoin and the anonymous software system Tor as solutions to the stated concerns.  Opstelten’s full remarks also indicated that international cooperation, for now, remains the best possible defense against bitcoin.”

http://www.coindesk.com/dutch-official-downplays-need-for-bitcoin-ban-despite-criminal-use/

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