Tag Archives: Sudden Outbreak of Common Sense

Uruguay becomes first country to legalize marijuana trade

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“Uruguay became the first country to legalize the growing, sale and smoking of marijuana on Tuesday, a pioneering social experiment that will be closely watched by other nations debating drug liberalization.  A government-sponsored bill approved by 16-13 votes in the Senate provides for regulation of the cultivation, distribution and consumption of marijuana and is aimed at wresting the business from criminals in the small South American nation. Cannabis consumers will be able to buy a maximum of 40 grams (1.4 ounces) each month from licensed pharmacies as long as they are Uruguayan residents over the age of 18 and registered on a government database that will monitor their monthly purchases.”

http://www.reuters.com/article/2013/12/11/us-uruguay-marijuana-vote-idUSBRE9BA01520131211

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RNC members tackle Foreign Account Tax Compliance Act, or FATCA

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“Republican National Committee members are drafting a resolution calling for the repeal of a soon-to-be-implemented tax law that critics say is contributing to Americans living abroad renouncing their U.S. citizenship in record numbers.  The law was designed to catch tax American cheats hiding financial assets overseas.  But many of the more than six million Americans living abroad say FATCA has made life difficult for them because several foreign banks, not wanting to deal with the IRS, are turning away American customers or closing accounts of existing U.S. clients.  The situation has become so dire that more and more expats are dropping their U.S. citizenship.”

http://www.mcclatchydc.com/2013/12/06/210878/rnc-members-tackle-fatca.html

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Croatian central bank establishes that Bitcoin is legal in Croatia

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“Croatian national bank (CNB) gave its opinion that Bitcoin is legal, and the most notable mention was a piece on Bitcoin that got aired on 19:30 national television news on Monday.  CNB took the very liberal stand that echoes European central bank document on virtual currency schemes from October 2012, noting that Bitcoin is not illegal in Croatia. They noted that it is not electronic money since it’s not debt to the issuer (although it has some similarities with electronic money), and that it is not legal tender in Croatia but can be legally used.”

http://www.reddit.com/r/Bitcoin/comments/1sjgby/croatian_central_bank_establishes_that_bitcoin_is/

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Swiss Lawmakers Propose Treating Bitcoin as Foreign Currency

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“The goal of the postulate, introduced by representative Thomas Weibel, is to eliminate ambiguities and increase legal certainty related to bitcoin.  The postulate was co-signed by 45 members of parliament (out of a possible 200) after they came to the conclusion that bitcoin can create new opportunities for the Swiss financial sector and that measures should be taken to regulate the application of VAT and the execution of money laundering controls.  The move would drastically reduce legal uncertainty for bitcoin users, at least in Switzerland, namely the Swiss banking sector. It would allow Swiss authorities to apply existing foreign currency legislation to bitcoin and other digital currencies.”

http://www.coindesk.com/swiss-lawmakers-bitcoin-foreign-currency/

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eBay Loophole Allows Sale of Bitcoin

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“Customer service employees from California-based online marketplace eBay have confirmed that virtual currencies like bitcoin and litecoin can be sold on the platform, provided they are housed in physical items (like USB sticks or hard drives).  This eBay functionality was first bought to light by Roger Hughes, a web developer and photographer who originally posted the findings on his blog, Clicked Photography.  According to PayPal’s seller information page, this means eBay users that sell virtual currency together with physical goods would be guaranteed the full amount of sale, should the buyer fraudulently claim an item did not arrive as promised.”

http://www.coindesk.com/ebay-loophole-virtual-currency-transactions/

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Revolt Against NSA: Major Internet Companies

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“The National Security Agency is immune to budget cuts. It is therefore beyond reform. Congress pays it $52.6 billion a year to do whatever it wants.  The only reason we know what the NSA’s budget is, is because Edward Snowden leaked it. There will be no further leaks.  Eight major Internet firms, including Google, Apple, and Microsoft, have sent a letter of protest to Congress. It will have no effect on the NSA’s budget. If it does not lead to a budget cut, the letter will have no effect. The only way to change a bureaucracy is to cut its budget.  The reason why the eight companies are protesting is because of Edward Snowden’s leaks. Snowden’s leaks were crucial to exposing what the NSA is doing.”

http://teapartyeconomist.com/2013/12/09/revolt-nsa-major-internet-companies/

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China’s free trade zone plans herald quicker FX reforms

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“China plans to roll out financial sector reforms in the Shanghai special economic zone in the next three months and most will be implemented in a year, suggesting authorities are accelerating the pace of dismantling capital account controls.  A People’s Bank of China (PBOC) statement on Wednesday for the first time gave a timeline for launching deep reforms in the zone, adding they could then be duplicated in other similar zones around the country.  The statement came after the PBOC provided additional detail for its plans for financial liberalization in the Shanghai free trade zone (FTZ) in a separate document published on Monday.”

http://www.reuters.com/article/2013/12/04/us-china-reforms-idUSBRE9B30AC20131204

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UK Tax Authority HMRC Rethinks Stance on Bitcoin

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“Last month, it was revealed that HMRC had decided to classify bitcoins as vouchers, which meant that VAT would be due on sales involving the digital currency.  Today, members of the UK bitcoin scene visited HMRC today to speak with the government department about cryptocurrency.  Robinson said: ‘We started off by explaining bitcoin to them – a lot of the meeting involved educating them about bitcoin and what it’s actually used for.’  He went on to say that the department, after hearing this, said it would withdraw its previous guidance about bitcoin being a type of voucher.”

http://www.coindesk.com/hrmc-decides-rethink-tax-stance-bitcoin/

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Bitcoin Awareness Grows in South Korea After Central Bank U-turn

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“Kevin Lee is a Seoul-based bitcoin entrepreneur and CEO of BitcoinKorea, South Korea’s first bitcoin business and portal. He has traveled around Asia attending bitcoin-related conferences and meetups, and wants to be instrumental in promoting its use in his native land.  He thinks South Korea’s need for digital currency options are similar to China’s: a way to diversify investments and find a way around capital controls.  Lee, a friend of Asia-based bitcoin missionary Roger Ver, said the pair will tour South Korea from 8th to 23rd January to spread the word – talking to major news organisations and helping to introduce Kraken, an exchange that launched in the country just last Friday.”

http://www.coindesk.com/bitcoin-awareness-south-korea-central-bank/

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Cyprus sees more stability, even bitcoin innovation

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“Georgiades said he wasn’t informed about the university’s decision to accept bitcoin, but rather read it about in the news. He feels the news is emblematic of Cyprus and its economy.  ‘It was a private initiative and that shows how ahead the private sector, private enterprise and innovation is. And that’s how it should be,’ he said. ‘I am a strong believer in the … dynamism of the private sector and especially in Cyprus. … Because of this entrepreneurial spirit which we have in Cyprus … I am so confident that we shall soon be on track for recovery and growth.'”

http://www.cnbc.com/id/101246855

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