Tag Archives: Money

India Central Bank Governor Warned Against Cash Ban Before Resigning

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“Raghuram Rajan left the central bank last September after unnerving political leaders with his outspoken nature. Several months later, Modi blindsided the nation by scrapping 86 percent of currency in circulation, saying the move was essential to unearth unaccounted wealth and fight graft. Since then, speculation has raged over who thought up the policy, with the debate getting more divisive last week as a slew of data showed demonetization contributed to a growth slump without meeting its targets.”

Read more: https://www.bloomberg.com/news/articles/2017-09-03/rajan-warned-modi-against-demonetization-his-new-book-shows

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India Demonetization Loses Credibility; 99% of Banned Notes Returned

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“Indians have deposited nearly all the currency bills voided by Prime Minister Narendra Modi, denting the central bank’s profit and dealing a blow to his drive to unearth unaccounted wealth.  The cash ban prompted the central bank to print new currency, reducing its profit and cutting annual dividend payout to the government by half.”

Read more: https://www.bloomberg.com/news/articles/2017-08-30/india-central-bank-spends-record-amount-to-replace-void-notes

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European Central Bank Criticizes Estonian National Cryptocurrency Plans

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“Despite the dismissive statements from the European Central Bank’s president, Estonia may still be able to conduct a launch of a national cryptocurrency if it is to do so through a private-public partnership. The head of Estonia’s E-residency scheme’s public relations department, Arnaud Castaignet, has expressed that the republic plans to move forward with the project – however, made no reference to the potential ramifications of EU obligations with regard to the national cryptocurrency.”

Read more: https://news.bitcoin.com/european-central-bank-criticizes-estonian-national-cryptocurrency-plans/

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Dubai Will Issue First Ever State Cryptocurrency

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“Dubai has officially launched its own cryptocurrency called emCash, according to announcements by local news media outlets. The cryptocurrency would be used for payment of governmental and nongovernmental services.  According to Ali Ibrahim, Deputy Director General of Dubai Economy, the token will be considered legal tender ‘for various government and non-government services, from their daily coffee and children’s school fee to utility charges and money transfers.'”

Read more: https://cointelegraph.com/news/dubai-will-issue-first-ever-state-cryptocurrency

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IMF Head Foresees the End of Banking, Triumph of Cryptocurrency

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“In a remarkably frank talk at a Bank of England conference, the Managing Director of the International Monetary Fund has speculated that Bitcoin and cryptocurrency have as much of a future as the Internet itself. It could displace central banks, conventional banking, and challenge the monopoly of national monies.  Christine Lagarde–a Paris native who has held her position at the IMF since 2011–says the only substantial problems with existing cryptocurrency are fixable over time.”

Read more: https://fee.org/articles/imf-head-predicts-the-end-of-banking-and-the-triumph-of-cryptocurrency/

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John Hussman: How to Wind Down a $4 Trillion Balance Sheet

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“If one repeatedly learns that feeding a beast can briefly appease it, but predictably makes it more enormous, savage, and unstable, it is best to remember the lesson. Instead, central bankers have doomed the world to learn that lesson again.”

Read more: https://www.hussmanfunds.com/wmc/wmc170619.htm

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US to criminalize undeclared cash, bitcoin, gift cards, prepaid phones

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“Have too much cash? You’d better tell the government.  If not, they’re authorizing themselves in this bill to seize not just the money you didn’t report, but ALL of your assets and bank accounts.  They even go so far as to specifically name ‘safety deposit boxes’ among the various assets that they can seize if you don’t fill out the form.”

Read more: https://www.sovereignman.com/trends/you-wont-believe-this-stupid-new-law-against-cash-and-bitcoin-22019/

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Singapore Trials Its Digital Dollar Via Ethereum Blockchain

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“A newly published report by the Monetary Authority of Singapore (MAS), reveals details of ‘Project Ubin’ its blockchain effort ‘which places a tokenized form of the Singapore Dollar (SGD) on a distributed ledger’ platform.”

Read more: https://www.cryptocoinsnews.com/singapores-central-bank-tokenizes-dollar-via-ethereum-blockchain/

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U.S. States Protect, Subsidize Bitcoin While Feds Moan About ‘Terrorism’ And ‘Illicit Activity’

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The tax-haven U.S. states of Montana and New Hampshire fired first this week ahead of an ominous House hearing.

New Hampshire specifically exempted “convertible virtual currency” (a FinCEN definition from a landmark 2013 regulation) from the state’s money transmission regulations.  This means that in New Hampshire, no license, permit or fee will be required to engage in virtual currency transactions for profit.  This reversed a 2015 law which had incorporated cryptocurrency into the state’s money transmission law.

Montana has issued a $416K grant to a local Bitcoin mining firm.  The grant comes out of an economic development trust that is funded with taxes on coal miners.

Nevada has banned proposed taxes on blockchain usage as well as allowing blockchain records to be used as legal records.

Arizona now considers both blockchain records and smart contracts to be legal equivalents of all other records and contracts.

Meanwhile, a committee in the House of Representatives will focus on exploring “terrorists and illicit use of … FinTech, the national security implications of virtual currencies such as bitcoin, and the use of ‘blockchain’ technologies to record transactions and uncover illicit activities”.

In 2017, the contrast between the feds’ paranoia and obstinance and the relative forward thinking of state governments could not be more pronounced.

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Supreme Court hands family’s 1933 double eagles to the feds

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“The Supreme Court’s decision means that the coins will remain the property of the federal government and will not be returned to the Langbord family, which reportedly discovered the 10 coins in a family safe deposit box in 2003. The family — Joan Langbord and her sons, Roy and David — turned them over to the United States Mint in 2004 for authentication. Mint officials informed the family in 2005 that it was keeping the coins. A legal battle over ownership ensued, with both parties to the suit at different points being awarded the coins.”

Read more: http://www.coinworld.com/news/us-coins/2017/04/supreme-court-declines-1933-double-eagle-case.all.html

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