Tag Archives: Money

Gamblers wager billions on unregulated Bitcoin betting sites

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“Betters like Bitcoin because they receive their winnings right away. There are no bank wires or deposits to wait on because Bitcoin is itself a payment processor.  And in the same way the Internet breaks down international boundaries, the uniformity of Bitcoin enables international gambling without the hassles of currency exchanges.  The clearest anti-gambling laws regulate payment processors (like credit card companies and banks) that would funnel winnings from the operators to the betters. But Bitcoin is a decentralized payment processing system. So there’s no person or organization to prosecute.”

http://www.pbs.org/newshour/updates/bitcoin-gambling-sites-fly-regulatory-radar/

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Will Florida’s Money Laundering Laws Apply to Bitcoin?

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“Lawyers for the two men recently arrested in Miami for engaging in ‘too-large’ bitcoin transactions are claiming that the men’s actions were legal because state law covers only money issued by the US or another country.  Many in the bitcoin community are hopeful that this argument is persuasive, seeing money laundering laws as an attempt to regulate thoughtcrime in finance. Others also argue that citizens do not currently owe the state of Florida any kind of explanation for why they want to buy or sell bitcoin.”

http://www.coindesk.com/will-floridas-money-laundering-laws-apply-bitcoin/

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Free banking will go, says RBS chief

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“Savers eventually will have to pay for their current accounts, according to the new chief executive of Royal Bank of Scotland. Ross McEwan, the head of Britain’s second-biggest current account provider, said that free banking would come to an end because up-front fees were more transparent. RBS had no plans to scrap free banking, but he cast the eventual adoption of a fee-based system in the context of making banks more straightforward for customers. He said in a weekend interview: ‘I think [the end of free banking] is something that will be addressed in the marketplace.'”

http://www.thetimes.co.uk/tto/business/industries/banking/article4020894.ece

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Russian Banks Experience Foreign Cash Crunch

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“Russian banks raised dollar and euro exchange rates to record highs on Sunday following the Kremlin’s threat to send troops to Ukraine.  ‘We don’t have foreign cash, the last was taken five minutes ago. Now we are only buying foreign currencies but not selling,’ said an operator at a Moscow exchange office.  Russia’s largest lender, Sberbank, moved its the dollar rate to 38.50 rubles, which far exceeds the dollar’s all-time high of 36.73 rubles reached at the end of the crisis-driven ruble devaluation in March of 2009. The ruble stood at 35.89 versus the dollar at the end of the trading session on the Moscow exchange on Friday, losing more than 8% so far this year.”

http://online.wsj.com/news/articles/SB10001424052702304585004579415122628094230

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Ukraine’s Largest Bank Limits Cash Withdrawals To $100 Daily

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“The military escalation in Ukraine has had dire consequences for the financial state of the country, its banks, and ultimately its people. The central bank promised to rescue domestic banks so long as they agreed to its complete control and it appears the first consequences of that ‘we are here to help you’ promise is coming true. Privatbank is Ukraine’s largest bank and while claiming this move is temporary (just like Cyprus’ capital controls), the bank has also ceased new loans amid what it calls ‘geopolitical instability’. In summary, you can’t have your money back! Expect long angry lines at Ukrainian banks on Monday morning.”

http://www.zerohedge.com/news/2014-03-02/ukraine-capital-control-crunch-largest-bank-limits-cash-withdrawals-100-daily

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$250,000 stuffed in pantyhose…and other IRS evasion tricks

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“Bankers helping customers buy gold bars to store in Swiss bank safes. A wealthy customer who traveled on flights hiding $250,000 in pantyhose to stash in Swiss accounts.  U.S. prosecutors say they have evidence like this to support their case that bankers at Credit Suisse Group helped U.S. customers evade taxes on at least $4 billion in hidden assets.  People familiar with the talks say Credit Suisse has discussed a settlement of about $800 million.  But some U.S. officials are pushing for a tougher line. Eight Credit Suisse bankers have been charged, and all remain at large, believed to be in Switzerland.  In all, 14 Swiss banks are under criminal investigation.”

http://money.cnn.com/2014/02/20/news/credit-suisse-tax-evasion.cnnw/

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Bill Bonner: Are We on the Cusp of a New Bull Market in Gold?

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“A major reason why gold so often looks good is that the alternatives so often look so bad. They are nicely summarized for us by Vivek Kaul, who we met recently on a trip to Mumbai, India.  Kaul’s new book, Easy Money: Evolution of Money from Robinson Crusoe to the First World War, tells the sorry story of the competition – the substitutes, the ersatz currencies, the monetary impostors that the world has seen come and, inevitably, go.  History doesn’t always give you a clear view of the future. But sometimes, the story of the past has the same cast of characters, themes and plot twists. In the American colonies, Mr. EZ Money was one of the first immigrants to step off the boat.”

http://www.bonnerandpartners.com/are-we-on-the-cusp-of-a-new-bull-market-in-gold/

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Bitcoins gain acceptance even at some thrift stores

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“Goodwill, a collective of nonprofits that operate several thousand stores selling secondhand items, will have the option to accept Bitcoins in some locations via payment terminals from Revel Systems Inc., a San Francisco startup. Revel is adding a Bitcoin button to its point-of-sale system, which is currently used in 23 Goodwill stores.  Revel has deployed 7,000 terminals at supermarkets, pizza places and yogurt shops. The company’s point-of-sale systems, which are built around Apple’s iPad, already let shoppers pay with cash and credit cards. Bitcoin was a logical next step, said co-founder Chris Ciabarra in an interview.”

http://www.idahostatesman.com/2014/02/13/3025686/bitcoins-gain-acceptance-even.html

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PayPal boss to discuss Bitcoin in keynote address at 2014 trade show

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“Digital currency and the end of carrying a wallet will be the theme of the latest top speaker secured for a business trade show in Belfast later this year.  Last month sources inside eBay told CNBC that it is considering allowing customers to use Bitcoin for payment for both eBay and PayPal.  The company hasn’t yet made a decision, and is waiting for the regulatory framework to become clearer before it makes a final call, sources told CNBC.  Paypal handles £180bn a year in transactions and manages 143m active customers.”

http://www.belfasttelegraph.co.uk/business/news/paypal-boss-to-discuss-bitcoin-in-keynote-address-at-belfasts-odyssey-arena-30008908.html

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Trace Mayer on all things Bitcoin

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“Entrepreneur, investor and early Bitcoin thought-leader Trace Mayer sat down with Money & Tech’s Jered Kenna to talk about all things Bitcoin and digital currency, from predictions around the current arrests and regulation conversations, to the benefits of Bitcoin as ‘the first practical implementation of triple-entry bookkeeping,’ and the immense possibility of the higher-level decentralized distributed ledger concept, to -ultimately- why it’s so important to hold onto your own private keys.  As Trace Mayer puts it, innovating on the old saying ‘He who has the gold makes the rules,’ it’s increasingly becoming ‘He who holds the private keys makes the rules.'”

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