Skip to content

'Regulated' Bitcoin exchanges planned in New York

By Catholic Online (NEWS CONSORTIUM)
3/12/2014 (2 years ago)
Catholic Online (www.catholic.org)

News arrives as top Bitcoin exchange files for bankruptcy

In a sign that the digital form of exchange in popularity - and by extension, legitimacy, New York's financial regulator has called on firms to submit proposals to set up "regulated" exchanges for currency such as the Bitcoin.

Singapore has imposed a tax on Bitcoin trading and using it to pay for services, after classifying it as goods, rather than a currency.

Singapore has imposed a tax on Bitcoin trading and using it to pay for services, after classifying it as goods, rather than a currency.

Highlights

By Catholic Online (NEWS CONSORTIUM)
Catholic Online (www.catholic.org)
3/12/2014 (2 years ago)

Published in Business & Economics

Keywords: Bitcoin, New York, regulations


LOS ANGELES, CA (Catholic Online) - Wanting to better protect consumers and prevent money-laundering, the state's Department of Financial Services (NYDFS) said
It comes as a top Bitcoin exchange, Mt Gox, filed for bankruptcy last month.

Not governed by any financial regulator, officials thought it was high time to protect the trendy form of currency.

Prayer, fasting and almsgiving.

"The fact is that virtual currencies are unlikely to disappear entirely," Benjamin Lawsky, New York's superintendent of financial services says.

"As such, turning a blind eye and failing to put in place guardrails for virtual currency firms while consumers use that product is simply not a tenable strategy for regulators."

There had been concerns on various fronts over the use of unregulated Bitcoins. It is highly difficult to trace transactions carried out using Bitcoins, which is one of the factors behind their popularity. The currency has been linked to illegal activity online.

Bitcoins are also seen by some as a route for tax evasion and money laundering.

Other nations have since taken action -- Russia has declared transactions using the digital currency illegal and China has banned its banks from handling Bitcoin trades. There have also been calls for the U.S. to do the same.

Singapore has imposed a tax on Bitcoin trading and using it to pay for services, after classifying it as goods, rather than a currency.

the Japanese government also said Bitcoin is not a currency and that some transactions using the virtual unit should be taxed.

Overall, the bankruptcy declared by Mt Gox has only added to the concerns. The firm filed for bankruptcy in Japan in February after losing about $473 million worth of customers' bitcoins to what it says was a hacking attack.

"The recent problems at Mt Gox and other firms further demonstrate the urgent need for stronger oversight of virtual currency exchanges," Mr. Lawsky says.

"Consumers should understand and receive appropriate disclosures about the potential risks associated with using virtual currencies or any other financial product."

---


'Help give every student and teacher Free resources for a world-class moral Catholic education'


Copyright 2017 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for FEBRUARY 2017
Comfort for the Afflicted.
That all those who are afflicted, especially the poor, refugees, and marginalized, may find welcome and comfort in our communities.


Comments


More Business & Economics

Pope Francis' nightmare? World's richest 8 men own as much as 3.6 billion people Watch

Image of The richest one percent own what the world's poorest have COMBINED.

During an interview with Dutch newspaper Straatinieuws, Pope Francis explained: "I would like a world without the poor. We must fight for ... continue reading


Is YOUR job in danger? Thousands of Americans to lose jobs as 218 iconic American brands collapse Watch

Image of Over 200 American brands are closing stores to keep their heads above water.

An iconic American brand with a century-long history is shutting down hundreds of stores in the face of bankruptcy. LOS ANGELES, CA ... continue reading


Yes, Millennials are lazy, but it's not their fault says one high-profile consultant Watch

Image of Simon Sinek says millennials are lazy, but it isn't their fault.

Yes, Millennials, you have a problem, but it's not your fault. This is the conclusion of Simon Sinek, the famous leadership consultant who ... continue reading


Third of millennial adults still living with parents -- here's the reason why and what we had better do about it... soon Watch

Image of They can't change a tire, but they can protest like champs. It doesn't help we are paying them less for the same work as previous generations. Our debt is accruing interest, and they're losing interest in democracy.

Adults are living at home with their parents in numbers not seen since the Great Depression. LOS ANGELES, CA (California Network) - If ... continue reading


The genius secret why Trump is stacking his cabinet with pro-business staff Watch

Image of Our nation is about to be great once again.

Donald Trump is facing a lot of criticism over his cabinet choices. He has repeatedly appointed Washington D.C. outsiders to posts within ... continue reading


Never Miss any Updates!

Stay up to date with the latest news, information, and special offers.

Catholic Online Logo

Copyright 2017 Catholic Online. All materials contained on this site, whether written, audible or visual are the exclusive property of Catholic Online and are protected under U.S. and International copyright laws, © Copyright 2017 Catholic Online. Any unauthorized use, without prior written consent of Catholic Online is strictly forbidden and prohibited.