Report: Silk Road bust resulted in boom for “dark net” markets

Posted on April 30, 2014

According to a new report titled “Busted, Not Broken” from the Digital Citizens Alliance, last year’s bust of the Silk Road online black market by federal authorities had the opposite of the intended effect. Time reports that instead of shutting down the “dark net” trade network after the arrest of Ross “Dread Pirate Roberts” Ulbricht, […]

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FinCEN: Bitcoin escrow services and cloud-based miners are not money transmitters

Posted on April 30, 2014

In a letter released yesterday, the U.S. Financial Crimes Enforcement Network (FinCEN) further clarified rules for bitcoin escrow services and cloud-based mining operations. The letter (PDF) issues a new ruling that neither form of business fits the requirements of a money transmitter service as detailed in the Bank Secrecy Act, and as such would not […]

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Top Washington lobbying firm adds bitcoin to list of issues

Posted on April 30, 2014

D.C.-based lobbying firm Peck Madigan Jones is no stranger to influencing how lawmakers view the world of finance. With a client list that includes the U.S. Chamber of Commerce, the American Insurance Association, Wells Fargo Securities and MasterCard, the bipartisan firm makes no secret of its ability to sway the thinking, and the voting, of […]

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Bloomberg adds bitcoin price ticker

Posted on April 30, 2014

Bitcoin’s steady march towards Wall Street passed another milestone today, as Bloomberg added a price ticker the virtual currency to its Bloomberg Professional service. The subscription-based service reaches more than 320,000 investors and financial professionals across the globe, adding an additional level of legitimacy for a currency widely considered to be “hacker money” only a […]

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Feds sell $3 million of seized Silk Road bitcoins

Posted on April 29, 2014

In August of last year, Netherlands-based drug trafficker Cornelis Jan Slomp was arrested at Miami International Airport in a sting operation targeting users of the now-defunct Silk Road online black market site. Slomp recently plead guilty to illegally importing and distributing a massive amount of drugs from March 2012 to August 2013, including 104KG of […]

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Report: MIT students raise $500k in bitcoin to distribute to student body

Posted on April 29, 2014

When the fall semester classes start at the Massachusetts Institute of Technology (MIT) later this year, the student body will be completely composed of bitcoin users. Two MIT students, Dan Elitzer and Jeremy Rubin, have raised around $500,000 in bitcoin for a project designed to create the first campus-wide bitcoin ecosystem at a major American […]

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Mexico’s Fundación Satoshi Nakamoto joins Bitcoin Foundation

Posted on April 29, 2014

Latin America has a long history of economic instability, forcing many countries in the region to be almost entirely dependent on the U.S. dollar as a reserve currency. Latin America is also a huge piece of the U.S. remittance market, with the 17 North and South American nations in that group accounting for $41 billion […]

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Yelp unveils support for bitcoin-accepting businesses

Posted on April 29, 2014

After a business decides to test the waters of bitcoin payments, it still faces a significant challenge: Letting people know about it. While it is true that many businesses experience a bump in publicity and interest shortly after accepting bitcoin, apart from window decals and stickers near a cash register, there are few ways to […]

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Report: Economists consider the merits of “banning” the banks

Posted on April 28, 2014

There is little serious debate that the modern banking industry bears little resemblance to its historical origins. Although the popular conception of banks is that they hold customer funds and issue loans from those deposits, the reality is that modern banks are in a very different business. Today’s banks are mostly in the business of […]

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Report: Is the People’s Bank of China too big to correctly handle bitcoin?

Posted on April 28, 2014

Is the People’s Bank of China too big to create appropriate bitcoin regulation? According to a guest post on BitcoinBlog.de, that may be the case. Chinese IT entrepreneur Zhang Weiwu has a decade-long history of working with authorities in the country, and believes that bitcoin’s recent woes with the Chinese central bank is less a […]

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Canada to rule on a “case-by-case basis” for bitcoin taxes

Posted on April 28, 2014

Following their southern neighbor’s lead, the Canada Revenue Agency (CRA) recently issued new guidance on how virtual currencies will be taxed in the country. The document cites related Supreme Court of Canada rulings relating to the Income Tax Act, and indicates specific tax precedents for both personal and business activities, further reinforcing bitcoin’s unique status. […]

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Nevada and Maryland authorities issue new bitcoin advisories

Posted on April 28, 2014

Authorities in Nevada and Maryland have issued new warnings and advisories on bitcoin, indicating a growing state-level awareness of virtual currencies. The Financial Institutions Division of the Nevada Department of Business and Industry released a “consumer and investor guidance” statement on virtual currencies, while Maryland’s Department of Labour, Licensing and Regulation published an advisory titled […]

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Report: Bitcoin alcohol sales “effectively banned” in Ohio

Posted on April 27, 2014

According to a story published last week in the Cleveland, Ohio, paper The Plain Dealer, merchants in the proposed “Bitcoin Boulevard” in the Cleveland Heights neighborhood will not be able to accept virtual currency for alcohol. According to the story, state officials claim that bitcoin’s status as a commodity, rather than a currency, are to […]

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French officials confirm bitcoin is taxable

Posted on April 27, 2014

Although bitcoin currently has no legal status in France, the French Ministry of Economy and Finance has confirmed that any revenue from digital currency in the county is subject to taxation. Speaking with French news outlet Le Monde, a representative from the Ministry explained that there was no obligation to declare bitcoin earnings specifically, and […]

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BTC China suspends yuan deposits

Posted on April 27, 2014

Following a post on the China Merchants Bank website late last week, Chinese bitcoin exchange BTC China announced that they are halting all deposits in yuan. In a post on BTC China’s Weibo social networking account, the exchange claimed the move was made “out of consideration for user security and stabilization operations.” It’s not clear […]

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Report: Bitcoin adoption growing in Africa

Posted on April 25, 2014

According to a USA Today report, Africa might become the next hotbed of bitcoin activity. With a hugely unfavorable remittance market on the continent, and fees that commonly rise as high as 12%, Africa is primed for massive changes in how international money transfers are handled. It’d be a huge loss for Western Union if […]

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Vault of Satoshi re-enters U.S. bitcoin market

Posted on April 25, 2014

In early March, Canadian virtual currency exchange Vault of Satoshi pulled out of U.S.-based transactions citing the “increasingly hostile” regulatory environment. In the last few months, VoS has focused on building up its Canadian and international presence, and gaining some official banking status after being granted a Money Services Business License last month. Yesterday, the […]

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Mining malware found in Google Play apps

Posted on April 25, 2014

At least five apps with bitcoin-mining malware were discovered in the Google Play store yesterday. San Francisco-based mobile security company Lookout announced that the “BadLepricon” mining malware was found hidden inside free live wallpaper apps. Google removed the apps shortly after the announcement. In a blog post about their discovery, Lookout explains how the malware […]

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Bitcoin price dives $50 on new China rumor

Posted on April 25, 2014

Bitcoin prices fell by roughly $50 late last night following a story on China’s Caixin news service that the People’s Bank of China had privately warned banks and payment companies to close the accounts of bitcoin-related businesses. According to a translation posted to Reddit, PBoC officials met with representatives from several large banks, Tenpay, PayPal […]

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Mt.Gox posts update to bankruptcy proceedings

Posted on April 24, 2014

The Mt.Gox bankruptcy moved another step closer to resolution today, with the official appointment of attorney Nobuaki Kobayashi as trustee for the failed exchange. Mt.Gox changed its filing in a Tokyo court earlier this month, dropping plans for a proposed rehabilitation due to an “extremely large” number of creditors and a massive logistical challenge getting […]

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