Tag Archives: Money

Bank data of 20 million customers leaked in South Korea

Posted on by

“An employee from personal credit ratings firm Korea Credit Bureau (KCB) has been arrested and accused of stealing the data from customers of three credit card firms while working for them as a temporary consultant.  Seoul’s financial regulators on Sunday confirmed the number of affected users as at least 20 million, in a country of 50 million. The stolen data includes the customers’ names, social security numbers, phone numbers, and credit card numbers and expiration dates, the Financial Supervisory Service (FSS) said in a statement.   The information was taken from the internal servers of KB Kookmin Card, Lotte Card, and NH Nonghyup Card.”

http://www.zdnet.com/bank-data-of-20-million-customers-leaked-in-south-korea-7000025332/

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

Digital Currency: Coming to a Store Near You

Posted on by

“The Royal Canadian Mint this week displayed its crypto-currency called Mint Chip at the annual National Retail Federation’s Expo in New York. The Mint plans a limited test of the currency later this month.  Developed by the mint in 2012, Mint Chip is about as different philosophically from Bitcoin and other digital currencies as you can get. Backed by a government and tied to the national currency, it’s also gaining acceptance from some pretty big mainstream companies, which RCM hopes can distribute it. The mint has also played host to smaller companies who’ve developed consumer-facing applications for Mint Chip.  Mint Chip has about eight patents associated with it.”

http://www.inc.com/jeremy-quittner/bitcoin-rival-mintchip-pilot-currency.html

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

Fed Banker Tries Criticizing Bitcoin, Ends Up Perfectly Describing The Fed

Posted on by

“In an article for Fox News, senior economist Francois Velde of the Federal Reserve Bank of Chicago describes Bitcoin.  ‘Although some of the enthusiasm for Bitcoin is driven by a distrust of state-issued currency, it is hard to imagine a world where the main currency is based on an extremely complex code understood by only a few and controlled by even fewer, without accountability, arbitration or recourse,’ Velde wrote.  In his attempt to criticize Bitcoin, Federal Reserve banker Velde actually summed up fairly well everything that’s wrong with his own employer, and in doing so outlines the threat Bitcoin poses to it.”

http://bitcoinmagazine.com/9549/fed-banker-tries-criticizing-bitcoin-ends-perfectly-describing-fed/

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

Bitcoin Judged Commodity in Finland After Failing Money Test

Posted on by

“Bitcoin doesn’t meet the definition of a currency or even an electronic payment form in Finland, where the central bank has instead decided to categorize the software as a commodity.  ‘Considering the definition of an official currency as set out in law, it’s not that. It’s also not a payment instrument, because the law stipulates that a payment instrument must have an issuer responsible for its operation,’ Paeivi Heikkinen, head of oversight at the Bank of Finland in Helsinki, said. ‘At this stage it’s more comparable to a commodity.’  Finland is the latest country to try to come to grips with the advent of virtual currencies that aren’t controlled by any central bank or government.”

http://www.bloomberg.com/news/2014-01-19/bitcoin-becomes-commodity-in-finland-after-failing-currency-test.html

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

UK Likely To Reverse Course On Taxation Of Bitcoin: Will The US Be Next?

Posted on by

“The news comes from Richard Asquith, Head of Tax, TMF Group, who added that the new rules ‘will give a lot of clarity’ to the taxation of Bitcoin and virtual currencies in the UK – a far cry from what we have right now in the US.  Under the proposed new rules, UK tax authorities, known as Her Majesty’s Revenue and Customs (HMRC), will change its classification of Bitcoin and other virtual currency from a tradable voucher to private currency. Those changes closely mirror similar tax guidance issued recently in Singapore, a move that Asquith pointed out when he alerted me to the changes.”

http://www.forbes.com/sites/kellyphillipserb/2014/01/17/uk-bows-to-pressure-likely-to-reverse-course-on-taxation-of-bitcoin-will-the-us-be-next/

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

Bitcoin Violates Numerous Laws According to Indonesia Central Bank

Posted on by

“The central bank of Indonesia is the latest Asian governmental body to warn against widespread bitcoin (BTC) adoption. In a report by Kontan (via Google translate), Bank Indonesia deputy governor Ronald Waas confirmed that using digital currency like bitcoin is in violation of numerous laws.   Waas listed three particular laws that he urges bitcoiners to consider before they utilize it in Jakarta: Bank Indonesia Law, Information and Electronic Transactions (ITE) and various currency legislation. According to Waas, ‘The use of bitcoin as payment violates the law.’  Essentially, the rupiah is the only legal tender.”

http://www.pfhub.com/bitcoin-violates-numerous-laws-according-to-indonesia-central-bank-303/

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

Italian Amendment Would Treat Bitcoin Like Cash

Posted on by

“The amendment, an addendum to a larger budget proposal called Destination Italy, would seek to trace bitcoin transactions exceeding €1,000 by requiring the identification of the sender in such exchanges. The move would also bring bitcoin transactions in compliance with the nation’s anti-money laundering laws, and calls for the Bank of Italy to propose a method of enacting the measure within six months, sources say.  While this may sound like an excessive restriction, such a change could be seen as boon for bitcoin, as it would put the currency on the same legal footing as cash in Italy. Italy has enacted a law that places a €1,000 ceiling on cash payments.”

http://www.coindesk.com/italian-amendment-treat-bitcoin-like-cash/

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

Romanian Presidential Candidate Accepts Bitcoin Donations

Posted on by

“A Romanian lawmaker has announced that he will be accepting bitcoin donations during his run for presidency.  So why did Remus Cernea decide to embrace bitcoin? He argues this is just the first step toward a transparently-funded campaign. He has already got his first donation from the owner of a Romanian Bitcoin trading platform, Horia Vuscan, reports Adevarul.  Writing on his Facebook page, Remus Cernea said bitcoin is a ‘revolutionary currency’ as it does not depend on any state and is not issued by a central bank. ‘In general, it is already accepted in democratic countries with mature market economies,’ he said.”

http://www.coindesk.com/romanian-presidential-candidate-accepts-bitcoin-donations/

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

A Massage Parlour Owner Explains How Bitcoin Will Help Attract Clients

Posted on by

“Ellie Young, owns Sensuous London, a Mayfair-based company that provides a ‘sensual, tantric massage experience’ to customers from nearby hotels and residences—previously, they only accepted cash. I spoke to Young about why her massage parlour has become among the first of its kind to accept payment in cryptocurrency.  It’s a better arrangement for both parties. The clients no longer need to dream up Kafkaesque excuses for what embarrassing strings of xxx’s are doing on their credit card bill, while masseuses are free to set about doing what they do best without fear of being ripped off.”

http://motherboard.vice.com/blog/a-massage-parlour-owner-explains-how-bitcoin-will-help-attract-clients

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

Will buying porn turn out to be bitcoin’s killer app?

Posted on by

“Porn.com has seen sales increase by nearly a quarter since it started accepting payments in bitcoin, leading the site to claim that porn could be the currency’s ‘killer app’. Now the site’s owners are offering the domain for sale to anyone who will pay $50m in the digital currency.  Porn.com started taking bitcoin for its premium services in December, and the currency rapidly came to account for 10% of its sales. But in early January, a post on Reddit’s Bitcoin subforum took the news viral, and after a spike where the currency accounted for 50% of its sales, the bitcoin trade settled down at 25%.”

http://www.theguardian.com/technology/2014/jan/16/will-porn-com-bitcoin-app

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet