Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

3/12/2014 (8 months 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 (8 months 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."

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for November 2014
Lonely people:
That all who suffer loneliness may experience the closeness of God and the support of others.
Mentors of seminarians and religious: That young seminarians and religious may have wise and well-formed mentors.



Comments


More Business & Economics

Is Apple about to hit $1 trillion? Not if Google has anything to say about it Watch

Image of While Apple dominates the smartphone market, some suspect that its heavy reliance on products will lead to its downfall to companies who offer more services and software.

By Catholic Online (NEWS CONSORTIUM)

Silicon Valley tech giant Apple may one day be worth more than a trillion. Just for a second think about how massive that is. LOS ANGELES, CA (Catholic Online) - The maker of mac computers, iPods, iPhones and more is already worth more than $670 billion, and has a $260 ... continue reading


Feet on the desk - more and more Americans simply don't want to work anymore Watch

Image of Pew Research says that 39 percent of 16 to 24-year-olds don't want to work, up a substantial amount from 29 percent in 2000.

By Catholic Online (NEWS CONSORTIUM)

Nearly four in 10 Americans, or 92 million, are not in the labor force. Many are unemployed for no fault of their own. Many others have simply stopped looking for work. Why? The reasons are complex. LOS ANGELES, CA (Catholic Online) - The largest group of people ... continue reading


REAL INCOME INEQUITY: 85 richest people now have as much money as poorest 3.5 billion Watch

Image of Billionaire investor Warren Buffett remarked more than three years ago that

By Catholic Online (NEWS CONSORTIUM)

The very rich and the very poor just grew further apart. According to Oxfam, the broadening chasm between wealth and poverty has grown so wide that the 85 richest billionaires on the planet, such as Carlos Slim, Bill Gates and Mark Zuckerberg now have as much ... continue reading


Jaded with politics? It's because America has become a plutocracy -- but Catholic Social Doctrine has the fix Watch

Image of It's money, not votes that really makes the difference in a plutocracy.

By Marshall Connolly, Catholic Online (NEWS CONSORTIUM)

As Americans head to the polls this election day, they are extraordinarily jaded. Fed up with campaigns, elections, and the lack of change and benefit to them as individuals, most Americans feel dissatisfied and angry. Notably, the solution to this problem will not be ... continue reading


SURVEY: Singapore best country to do business with, for ninth year in a row Watch

Image of The World Bank ranked Singapore tops for the ninth year in a row.

By Catholic Online (NEWS CONSORTIUM)

Conservative and strict - there are heavy penalties for littering, as well as being wildly prosperous, the feisty Asian nation of Singapore has been ranked as the single best nation to do business with, according to the World Bank. The bank ranked Singapore ... continue reading


Is it a sign of impending collapse? Financial savant Warren Buffett loses two billion in stock market Watch

Image of Warren Buffett recently lost $2 billion from investments in Coke and IBM, which have led some to believe that a stock market slowdown might be imminent.

By Catholic Online (NEWS CONSORTIUM)

Warren Buffett, the man known for focusing on long-term investment performance as apposed to making the quick buck, has lost $2 million in investments. LOS ANGELES, CA (Catholic Online) - Buffett owned Berkshire Hathaway investment house has large investments in ... continue reading


Christmas shopping in October? Apparently it's becoming a big deal Watch

Image of Shoppers are already out, despite the fact Halloween hasn't even arrived.

By Catholic Online (NEWS CONSORTIUM)

Shoppers are starting early with October 5 being declared by retailers as "Stock Up Saturday." Consumers are already Christmas shopping which means more of the revenue available to retailers will be harvested earlier in the shopping season. For retailers that choose to ... continue reading


List of Top 20 World Brands - Apple tops Google as world's leading brand for second time in row Watch

Image of The Apple Watch has enjoyed success in numerous fashion circles, featured on the cover of Vogue, among others.

By Catholic Online (NEWS CONSORTIUM)

Apple has topped Google as the world's most valuable brand for the second year in a row. The two companies are the only brands to be valued at more than $100 billion, according to the annual Best Global Brands report. LOS ANGELES, CA (Catholic Online) - ... continue reading


Here they come! China passes U.S. economy based on purchase power Watch

Image of Under President Obama's administration, China may surpass the U.S. economy.

By Catholic Online (NEWS CONSORTIUM)

The International Monetary Fund (IMF) has reported that China has overtaken the United States and is now the world's largest economy, at least based on purchasing power parity (PPP). LOS ANGELES, CA (Catholic Online) - The IMF said that by the end of 2014, China ... continue reading


Rosie the Riveter would cry: Record 55,553,000 women not participating in U.S. workforce Watch

Image of The strides made by women in the workplace sadly isn't reflected in recent job statistics.

By Catholic Online (NEWS CONSORTIUM)

The strides made by women in the workplace seems to have gone up in smoke across the United States. The determined visage of Rosie the Riveter during World War II to women taking the place of men in hard industry - declaring "We can do it!" would certainly shed ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

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

Daily Readings

Reading 1, Revelation 20:1-4, 11--21:2
1 Then I saw an angel come down from heaven with the ... Read More

Psalm, Psalms 84:3, 4, 5-6, 8
3 Even the sparrow has found a home, the swallow a ... Read More

Gospel, Luke 21:29-33
29 And he told them a parable, 'Look at the fig tree ... Read More

Saint of the Day

Saint of the Day for November 28th, 2014 Image

St. Catherine Laboure
November 28: St. Catherine Laboure, virgin, was born on May 2, 1806. At an ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter