Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

3/12/2014 (1 year 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 (1 year 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'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for July 2015
Universal:
That political responsibility may be lived at all levels as a high form of charity.
Evangelization: That, amid social inequalities, Latin American Christians may bear witness to love for the poor and contribute to a more fraternal society.



Comments


More Business & Economics

U.S. hit with price hikes: Apartment rent, restaurant meals and haircut prices are up Watch

Image of Starbucks has increased the price of their coffee from around 5 cents to 20 cents per cup.

By Linky C. (NEWS CONSORTIUM)

Prices of restaurant meals, gym memberships, haircuts and even a cup of coffee are rising in America, as well as apartment rent. American consumers are beginning to feel the financial burden, as the inflation rates in the U.S. start to kick in. MUNTINLUPA, PHILIPPINES ... continue reading


Big name companies demand Planned Parenthood to remove names off list of corporate donors Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

Representatives from Coca-Cola, Ford Motor Co. and Xerox openly state they've requested Planned Parenthood to take their company's names out as corporate donors to the controversial organization. MUNTINLUPA, PHILIPPINES (Catholic Online) - Planned Parenthood is now ... continue reading


Gun sales in the United States dramatically boost after massacre shootings Watch

Image of

By Atarah Haely (NEWS CONSORTIUM)

FBI's latest background check data shows the gun industry spiked in sales at about 11 percent last June. There are about 1.53 million background checks done, making it the busiest June ever since the agency started keeping track in 1999, according to CNN. The massive ... continue reading


Microsoft slammed for thousands of layoffs while demanding increase in immigration Watch

Image of

By Atarah Haely (NEWS CONSORTIUM)

About 7,800 Microsoft employees are in line to be fired, according to a company announcement last Wednesday. Most workers are from the seemingly failing mobile phone business, while Microsfot is said to fire a majority of Nokia's remaining employees ever since ... continue reading


Subway and Jared break up after controversial police raid at spokesman's home Watch

Image of Jared Fogle is known for his massive weight loss on a

By Nikky Andres (NEWS CONSORTIUM)

Subway spokesman, Jared Fogle's house was raided by FBI agents and Indiana State Police, two months after the former executive director of Fogle's foundation was arrested with charges of child pornography. MUNTINLUPA, PHILIPPINES (Catholic Online) - In their statement, ... continue reading


'Enough with all the rules' firework industry calls out to Obama Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

This year, more states have allowed people to buy pyrotechnic materials, such as sparklers and Roman Candles. In fact, this year has been wonderful for fireworks manufacturers, since the projected 2015 sales of celebratory explosives are estimated to top $1 billion. ... continue reading


Whole Foods accused of greatly overcharging customers Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

Whole Foods, the American foods supermarket chain that specializes in organic goods, has been accused of massive overcharging. The New York City Department of Consumer Affairs explained they have discovered "systematic overcharging for pre-packaged foods" at the city's ... continue reading


Strange and powerful 'boat swallowing' vortex appears in Lake Texoma Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

A strange, giant vortex, estimated to be around 8-feet in diameter, has appeared in Lake Texoma. This occurrence is surprising and perhaps threatening. However, there is an explanation. MUNTUNLUPA, PHILIPPINES (Catholic Online) - Lake Texoma is known as one of the ... continue reading


Is it time to stash money under mattress? 'It's time to hold physical cash,' fund manager says Watch

Image of Ian Spreadbury declined to predict the exact trigger but said it was more likely to happen in the next five years rather than 10.

By Catholic Online (NEWS CONSORTIUM)

Is it time to cash your paycheck and then stick it into a hatbox for a rainy day? According to British fund manager Ian Spreadbury, who invests more than £4 billion of investors' money is gravely concerned that a "systemic event" could rock markets. The upset ... continue reading


In spite of strong showing, Ron Paul predicts Apocalypse on Wall Street Watch

Image of Ron Paul has predicted economic doomsday previously. As stocks continue to make new highs, he remains just as convicted as ever that there

By Catholic Online (NEWS CONSORTIUM)

Things seem to be on an even keel right now but according to former Representative Ron Paul, the Federal Reserve's easy money policies have left stocks and bonds are on the verge of a massive collapse. LOS ANGELES, CA (Catholic Online) - "I am utterly amazed at ... 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, Leviticus 25:1, 8-17
1 Yahweh spoke to Moses on Mount Sinai and ... Read More

Psalm, Psalms 67:2-3, 5, 7-8
2 Then the earth will acknowledge your ways, and all ... Read More

Gospel, Matthew 14:1-12
1 At that time Herod the tetrarch heard about the ... Read More

Saint of the Day

Saint of the Day for August 1st, 2015 Image

St. Alphonsus Marie Liguori
August 1: Bishop, Doctor of the Church, and the founder of the ... 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