• Last 17th July 2014, the New York State Department of Financial Services (NYDFS) has officially released its proposed BitLicense regulations, governing virtual currency firms doing business with New York residents or operating in New York. This was the first proposed regulatory framework designed specifically towards virtual currencies. The bitcoin community and businesses dealing with crypto currencies should be aware that during the 45-day comment period, they have the opportunity to provide feedback and request clarification

    Bitcoin community is rising against BitLicense

    | 2014/08/12 3:48 am
  • The Russian government prepares to ban crypto currencies. As stated by the Russian news express RIA Novosti, the Russian Finance Ministry is planning on legislating against the use of crypto currencies. The Russian Finance Ministry is issuing a proposal to prohibit the use and operations with money substitutes and value transmitters such as digital currencies. The Ministry is also considering not just prohibiting crypto currencies, but also to bring criminal responsibility to companies and individuals

    Russia Plans to ban crypto currencies

    | 2014/08/02 9:40 pm
  • New York City Attempts to Shut Down Bitcoin Ben Lawsky, Superintendent of Financial Services at the New York State Department of Financial Services (DFS) announced on reddit today New York’s proposed new regulatory framework for virtual currencies. The regulations will be formally published in the July 23, 2014 edition of the New York State Register – which starts a 45-day public comment period. A copy is available here on the DFS website. A summary of

    New York City Attempts to Shut Down Bitcoin

    | 2014/07/17 7:59 pm
  • In the first ever operation, French police have shut down an illegal Bitcoin exchange, and in the process seizing 328 “virtual currency units” worth around 200,00 Euros, or $272,800 at current exchange rates. According to Reuters, two people in the Riveria coastal cities of Cannes and Nice were placed under investigation Friday, under the suspicion they were running a website that illegally sold and lent Bitcoin to its users. In a raid that happened last week

    French police dismantle illegal Bitcoin exchange, seize Bitcoin

    | 2014/07/08 6:10 pm
  • Good news for Bitcoin Hodlers! An Internal Revenue Service official (IRS) has stated that taxpayers are not required to report Bitcoin holdings on FinCEN Form 114(Report of Foreign Bank and Financial Accounts or FBAR). This is quite short notice, considering the deadline for FBAR filing is June 30th, so I imagine many people have filed already. Now before you all proclaim that “USA has given up! No taxes on Bitcoin!” or something along those lines,

    No Taxes: IRS States no FBAR Reporting

    | 2014/06/05 11:55 pm
  • The Bitcoin Foundation Canada welcomes the publication of a report on Bitcoin regulation in Canada, entitled “How should Bitcoin be regulated?”  The growing interest of Canada’s economic community towards Bitcoin is proof that this new technology provides a credible alternative to traditional monetary and banking systems. Government intervention is not required for Bitcoin to develop and become accepted by the Canadian public. The Bitcoin network is completely decentralized and it simply cannot be subjected to

    Bitcoin regulation: Bitcoin Foundation Canada comments Montreal Economic Institute report

    | 2014/05/30 11:23 am
  • The Bank of Canada has come out with a very bold statement, stating that Bitcoin adopted could destabilize global finance. Bank of Canada extends even further than that, including all other digital currencies in spectrum, such as Facebook credits, Amazon coins, and World of Warcraft gold just to name a few. Bank of Canada wasn’t all hate however, acknowledging the potential benefits of faster transaction times, less fees, etc. they do feel that in Bitcoins

    A Bold Statement from Bank Of Canada!

    | 2014/05/21 3:00 pm
  • BEIJING: Several hundred people attended China’s first Bitcoin summit here, defying the government’s crackdown on the digital currency. Venture capitalist Li Xiaolai, who organised the conference this weekend, dismissed the suggestion that Beijing would ultimately outlaw the use of digital currencies in the mainland. “Thailand has already banned Bitcoin, so has Russia. But who cares if China bans it as long as everyone knows the whole world can’t ban it,” Hong Kong-based South China Morning

    Hundreds attend China’s first Bitcoin meet, defy government warning

    | 2014/05/11 11:40 am
  • So how does bitcoin smell to you? We know it is a dumb question as it is a virtual currency that has no smell. We from now on it kinda has with Bitcologne. According to BitCologne, an “aromatic blend of spicy, floral, oak and citrus notes.” Yes, bitcoin, the virtual currency accepted by everyone from gunmakers to members of Congress, has its own cologne. The above ad would be funnier in black and white, possibly with two half-naked

    BitCologne: Virtual Currency Now Has Its Very Own Fragrance

    | 2014/05/10 5:37 pm
  • The Federal Election Commission on Thursday approved the use of the alternative currency Bitcoin for political contributions with limits of $100 per donor per election cycle. The 6-member panel voted unanimously to allow the contributions, a move that could open the floodgates for donors to make political contributions with the digital currency in the upcoming midterm elections. The decision means that political groups or candidates can accept Bitcoin if they abide by the same guidelines

    Bitcoin OK for politics, with $100 limit

    | 2014/05/10 3:04 pm
  • On May 7th 2014, SEC, or the U.S. Securities and Exchange Commission, released a warning about the dangers of Bitcoin, such as calling Bitcoin a Ponzi scheme. Now whether or not that is true is up for debate, and I believe many users would voice strongly against that. That doesn’t mean the SEC was full of gibberish however, such as stating that potential investors must watch out for scams that try to entice with high

    SEC warning to Bitcoin: “Scam, Ponzi Scheme”

    | 2014/05/09 2:51 pm
  • Texas Attorney General Greg Abbott sees value in digital currencies, and that is why he is using bitcoin for his run at becoming governor. Bitcoin donations are being collected for Abbott’s campaign for the upcoming election on November 4th. Abbott is campaigning against candidate Wendy Davis. Texas Attorney General’s Campaign Abbott’s deceleration of welcoming bitcoin donations was well received by the bitcoin community for his efforts to promote the digital coin. Abbott said: “I am

    Texas Attorney General Accepts Bitcoin for His Run for Governor

    | 2014/04/18 11:45 am
  • Bitcoin ATM providers and virtual currency exchanges may be subject to Texas licensing requirements, according to regulatory guidelines issued by the Texas Banking Commissioner on April 3. Whether business activities involving cryptocurrencies such as Bitcoin are subject to licensing requirements depends on the type of business, according to the Texas Department of Banking’s supervisory memorandum. Texas is one of the first U.S. states to provide specific guidance to Bitcoin ATM operators. Bitcoin ATM providers that allow

    Texas Issues Guidelines on Virtual Currency

    | 2014/04/03 8:35 pm
  • As the rumors of a crackdown by the People’s Bank of China have solidified over the past few days, Bitcoin prices have been hit hard. Last week, we told you that China’s central bank was rumored to be planning to force Chinese banks to close any accounts they have with Bitcoin exchanges by April 15. That news pushed the CoinDesk BitcoinPrice Index from about $585 on Wednesday to as low as $477 on Thursday. Over the weekend the price of Bitcoin

    Bitcoin Prices Whipsawed by Looming China Crackdown – But Not for Long

    | 2014/04/03 1:53 pm
  • The United States’ new Bitcoin tax rules just made casual, everyday use a complicated bookkeeping headache. The Internal Revenue Service’s notice last week will force the average Bitcoin user to keep a strict record of every purchase made all year long — then perform difficult calculations to account for the changing value of a bitcoin. It’s meant to extract taxes from any gains in Bitcoin’s value, and the rule applies to everything bought with electronic

    New IRS rules make using Bitcoins a fiasco

    | 2014/03/31 2:57 pm
  • Singapore-registered companies who buy and sell bitcoins or exchange the digital currency for other goods and services must pay taxes for these transactions, says the Inland Revenue Authority of Singapore (IRAS), Singapore’s tax authority. The government’s stance towards the volatile cryptocurrency, which once again soared above $1,000 in price, echoes countries like Germany, Norway, and the United Kingdom, all of which deemed Bitcoin taxable. In a series of emails sent to Singapore-based Bitcoin brokering service

    Singapore government to tax some bitcoin transactions

    | 2014/01/08 5:10 pm
  • Kolkata, Jan 5: The attention of the Commerce Ministry and Tea Board has been drawn to a section of small and specialised tea growers and exporters opting for US-based online trading platforms to use digital currency Bitcoin as a means of expanding their international business, bypassing the normal banking channels and thus depriving the Exchequer of revenue. The price this kind of shipment fetches is fantastic, around $11 per 15 gm of tea. Any consignment

    Bitcoins use by tea trade brought to notice of Ministry

    | 2014/01/07 2:06 pm
  • Bitcoins were worth nothing in 2009, when the digital cryptocurrency was first minted on the computer of its mysterious creator, Satoshi Nakamoto, who claimed to live in Japan. Four years later the value of one Bitcoin surpassed $1,100, thanks in large part to a surge in speculative interest from China. A little-known Shanghai company called BTC China met the demand and quickly became the world’s largest Bitcoin exchange, with more than 100,000 of the virtual

    China Bites Into Bitcoin

    | 2014/01/06 2:54 pm