Skip to content

'Regulated' Bitcoin exchanges planned in New York

By Catholic Online (NEWS CONSORTIUM)
3/12/2014 (3 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 (3 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 JUNE 2017
National Leaders.
That national leaders may firmly commit themselves to ending the arms trade, which victimizes so many innocent people.


Comments


More Business & Economics

'Budgets are moral documents'

Image of

The highly relevant quote, "Budgets are moral documents," has been arguably attributed to Rev. Martin Luther King, Jr. But if he didn't ... continue reading


Central bankers warn of looming global recession Watch

Image of A recession could be lurking around the corner and central banks have been asked to take note, especially in Asia.

A group of central bankers has warned that a great recession, possibly larger than the 2007-2008 recession is looming on a global scale. ... continue reading


The end of the farm as we know it has arrived - here's how we're about to change the way we grow food Watch

Image of Farming, with its backbreaking labor and myriad of challenges, is about to become an anachronism. Vertical farming will replace the traditional farm within the next few decades.

Farming as we know it is about to disappear. The entire disappearance may take generations to happen, and there will always be a few farms ... continue reading


Why Google, YouTube, Facebook and others need to be broken up -- or regulated Watch

Image of Monopolies are back, and they're taking over everything.

Is to time to break up the monopolies? As Google, Facebook and others grow larger, calls for their breakup are emerging. There is an urgent ... continue reading


Tesla Model 3 may fall short of forecasts, but it will still change the world Watch

Image of The Tesla Model 3 is the Model T Ford of electric cars.

The Tesla Model 3 is a game changer for the auto industry. It is a reasonably priced, well-designed electric car that looks good. It has ... 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.