Numerous Countries Have Made Bitcoin (BTC) Illegal Even Though It’s Impossible to Ban Bitcoin
https://preview.redd.it/rx609t11ezf21.png?width=690&format=png&auto=webp&s=5421b72a809cfa286557b1831bfa4759753ab268 https://cryptoiq.co/numerous-countries-have-made-bitcoin-btc-illegal-even-though-its-impossible-to-ban-bitcoin/ Bitcoin is secure, decentralized, and can be anonymous when users take the proper precautions. These characteristics make Bitcoin resilient in the face of government bans, but that doesn’t mean governments have given up on trying to ban Bitcoin or at least rein in the technology. Here, we present a rundown of how various countries regulate — or fail to regulate — Bitcoin. According to a Wikipedia page on the legality of Bitcoin (BTC) in various countries, along with Bitcoin Market Journal and Coin Dance, Bitcoin is banned to varying degrees in Algeria, Afghanistan, Egypt, Macedonia, Morocco, Bolivia, Colombia, Ecuador, Saudi Arabia, Jordan, Iran, Bangladesh, India, Nepal, Pakistan, China, Taiwan, Cambodia, Indonesia, Nigeria, Thailand, Vietnam, Zimbabwe, and Brunei. In some of these countries — Algeria, Egypt, Bolivia, Ecuador, Bangladesh, Cambodia, Pakistan, Morocco, and Nepal — Bitcoin is absolutely banned and cannot be held or transacted. In India, Jordan, Indonesia, Thailand, Vietnam, and Iran, banks are forbidden from facilitating Bitcoin transactions, but it is still possible to hold and trade Bitcoin peer to peer. Other countries like Colombia, Taiwan, and Saudi Arabia have said there is no legal recourse for those who deal with Bitcoin and lose money, and these governments urge citizens to avoid Bitcoin. China has effectively banned fiat to Bitcoin trading, but most of Bitcoin’s hash power is in China, making the situation unclear. Banning Bitcoin is like trying to ban mosquitoes. In Florida, during the rainy season, there is something called mosquito patrol which drops poison on mosquitos from airplanes. The mosquitos have evolved to be resistant to the poison, and no amount of poison can get rid of the mosquitos. Likewise, several countries around the world have banned Bitcoin to varying degrees, and they have deployed various law enforcement measures and banking regulations to inhibit the use of Bitcoin. However, Bitcoin users in such places have become resistant to censorship by using IP switching technology like VPNs and Tor, changing their Bitcoin address with every transaction, and creating underground peer to peer Bitcoin dealing networks instead of using exchanges. Stealth cryptocurrencies like Monero (XMR) and Dash (DASH) can also be used to enhance anonymity in places where cryptocurrency is illegal. In 2014 Ecuador created a national cryptocurrency and banned all other cryptocurrencies. The national cryptocurrency of Ecuador failed, however, and Bitcoin use has been increasing across the country despite the law. Further, there are active Bitcoin nodes in Ecuador. Additionally, as of this writing, there are active Bitcoin nodes in Bolivia, Colombia, Vietnam, Taiwan, China, Iran, Indonesia, Cambodia, Thailand, and India. The presence of active nodes in these countries is a testament to Bitcoin’s decentralized nature. Bitcoin can be run on any computer in the world, and the software works regardless of the law. With proper IP encryption via VPN or Tor, there would be no way for the governments of these nations to know that a citizen is running Bitcoin. In Africa, Bitcoin has been declared illegal in Algeria, Egypt, and Morocco. Despite this, there is clearly Bitcoin trading in Egypt and Morocco, according to data from Localbitcoins. Other countries that have varying degrees of Bitcoin bans but still have active peer to peer Bitcoin trading on Localbitcoins include China, Colombia, India, Iran, Indonesia, Pakistan, Saudi Arabia, Thailand, Nigeria, and Vietnam. In several of these countries peer to peer Bitcoin trading is perfectly legal. However, the fact that there is peer to peer Bitcoin trading in countries where Bitcoin is completely banned like Pakistan shows that it is nearly impossible to stop peer to peer Bitcoin trading.
08-22 09:43 - 'Bitcoin doesn’t need stupid EU regulators fucking it up, learn from history the European Union already has one country “Britain” heading for the exit over stupid Laws sanctioned by Brussels, it’s falling apart and IMO...' by /u/whenthefogclears2 removed from /r/Bitcoin within 7-17min
''' Bitcoin doesn’t need stupid EU regulators fucking it up, learn from history the European Union already has one country “Britain” heading for the exit over stupid Laws sanctioned by Brussels, it’s falling apart and IMO more countries will follow. No one cares about Germany. [link]1 If you’re deluded enough to believe regulations of for protecting people’s private keys I find that really funny, IMO it’s more about giving banks the power back and putting off innovation with “RED TAPE” that’s what Europeans do. ''' Context Link Go1dfish undelete link unreddit undelete link Author: whenthefogclears2 1: w*w.ne*sbtc.*om/20****5*10/ge*m*ny-c**tral*ba*k-bitcoin-p*rc*ase/ Unknown links are censored to prevent spreading illicit content.
03-26 09:57 - 'I know of no country where bitcoin is illegal. / There are generally regulations or laws regulating bitcoin. Bitcoins are frequently classified as property rather than currency which can limit where it can be used. / Some countr...' by /u/ismith23 removed from /r/Bitcoin within 1-6min
''' I know of no country where bitcoin is illegal. There are generally regulations or laws regulating bitcoin. Bitcoins are frequently classified as property rather than currency which can limit where it can be used. Some countries, for example North Korea, limit Internet access but as far as I know have not made bitcoin illegal. Using bitcoin to bypass vat, tax, money laundering or similar laws as well as in illegal activities is obviously not legal anywhere. ''' Context Link Go1dfish undelete link unreddit undelete link Author: ismith23
Indian banks are sending warning letters to bitcoin and other VC traders following a similar move as taken by US banks before.More institutions are needed in this country to adopt bitcoin in order to regulate it.
US OFAC issues advisory: ransom payments for ransomware may involve felony charges and personal civil liability for staff.
Under the authority of the International Emergency Economic Powers Act (IEEPA) or the Trading with the Enemy Act (TWEA),9 U.S. persons are generally prohibited from engaging in transactions, directly or indirectly, with individuals or entities (“persons”) on OFAC’s Specially Designated Nationals and Blocked Persons List (SDN List), other blocked persons, and those covered by comprehensive country or region embargoes (e.g., Cuba, the Crimea region of Ukraine, Iran, North Korea, and Syria). Additionally, any transaction that causes a violation under IEEPA, including transactions by a non-U.S. person which causes a U.S. person to violate any IEEPA-based sanctions, is also prohibited. U.S. persons, wherever located, are also generally prohibited from facilitating actions of non-U.S. persons, which could not be directly performed by U.S. persons due to U.S. sanctions regulations. OFAC may impose civil penalties for sanctions violations based on strict liability, meaning that a person subject to U.S. jurisdiction may be held civilly liable even if it did not know or have reason to know it was engaging in a transaction with a person that is prohibited under sanctions laws and regulations administered by OFAC.
Sauce Here: https://home.treasury.gov/system/files/126/ofac_ransomware_advisory_10012020_1.pdf OFAC Sanctions list here: https://sanctionssearch.ofac.treas.gov/ Analysis: Both TWEA and IEEPA carries Criminal and Civil penalties, so under these acts they can fine the company, fine staff directly, or press criminal charges. We know the US Government as part of both the 5 eyes agreements and domestic bank monitoring programs under FACTA monitors all international wire transfers. Bitcoin and other cryptocurrencies generally leave a paper trail that can be traced back to who purchased the currency. What I expect to start happening here is most CFO's are going to write off the cost of the ransom as a tax deduction which tips off the IRS that a ransom of some kind was paid. I expect the next step is the IRS is going to start asking for additional proof of payment and additional information about the cases. That puts CFO's in a bind, because I expect both the IRS, and federal courts, won't let it fly that you didn't know who you were paying money to under the TWEA. They'll sit on the data, and when eventually an APT Group gets compromised, they'll trace the payments back via said tax records. At that point, if your org paid under this, that data gets used to open up a search warrant and then they rip you a new one especially if the payment was substantial. The bigger issue here is it opens up tremendous liability for security services firms and insurers who pay ransoms on behalf of clients or advise clients to pay ransoms. Now is a good time to review your backup strategy and ensure you have tested backups that are isolated from your infrastructure. For those of you with your hands tied behind your back, now is a good time to gently remind your management staff, and especially the CFO if you have their ear, that they cannot rely on the renound cryptographic competence of our eastern european bretheren, and that their worst-case risk is a determined remote attacker and adversary of the US infecting your network, destroying the data while making it look like a ransomware attack, selling you worthless encryption keys to fund their operation before flaunting the fact they took you for a fool with a press release taking credit for the attack to tip off state government you paid them in order to further disrupt the company operations via putting your talented technical staff or c-suite staff in handcuffs and injuring your PR. To those of you in the business who are afraid of being scapegoated or in a tenuous situation, getchu some evidence tape and some tags, some vanilla envelopes and a glue stick. Print 2 copies, put one copy in a folder, seal it with evidence tape and a tag, then use your handy glue stick to adhere the other vanilla folder to its back and put the 2nd copy in so you can review the paperwork without breaking the evidence seal and shove that sucker in a fire proof safe or safety deposit box. Also, Mailstore home is free. TL;DR: If your company is attacked by ransomware, tell the management only facts of the occurance you know, what you can and cannot do for them, and don't advise them of anything upto and including getting a security services firm involved. I wouldn't even tell them paying the ransom might work. If you're going to have a verbal conversation, make it a one-on-one. Happy Saturday all!
Today I received my salary in Bitcoin for the first time
Yes it happened, finally. This is what freedom feels like. For me is not about speed or scale, or even cheap fees. It's about freedom. For around 6 years I've been working remotely from my third world country for companies abroad, receiving my salary in USD. Regulations in my country still have not catch up yet, so my funds are frozen by my bank from time to time. They ask me for an official contract to validate my income, but what I show them does not meet their expectations. "Virtual contract? What is even that?". They want something signed by pen. All this damn hassle just to receive and use my hard-earned money as I see fit. But today, I'm free. Bitcoin is the true breaker of chains, and the only way forward.
The FCA bans on Bitcoin and other crypto assets are too harsh and hypocritical.
I as a British citizen and Im concerned about the recent Bitcoin ban. Reasons why:
You can be scammed out on Forex trading due to high leverage, online con artists and platforms shutting down forex trading altogether.
Plus 500 stopped trading the USA/CNH trading pair after the trade war was declared by trump.
Gambling has no regulations, I can spend as much money as possible on any game or sport and no questions are asked.
A uni student committed suicide last year after being groomed by gambling companies to spend over 20k in one week. No action was taken.
Platforms such as plus 500 offer options that have high spreads, hidden leverage, doesn't track the asset price and can be shut down and can be manupliated by the platform at will.
Plus 500 regulary increase the spread of options such as gold, oil, stocks during trading days and also shut down trading on a daily basis. Plus 500 shut down Natural gas options for 12hrs due to a 6% slump.
The UK is one of the biggest money laundering and predatory finance trading countries in the world.
The requirements to be a pro trader are insane: ( you need 2/3)
you need experience working in finance.
500k trading captail
Or make 12+ large trades in the past year.
Ironically using Binance and Coinbase for trading has been safer for me compared to uk stock/forex trading apps. In summary the reasons above HAPPEN ALL THE TIME AND NOTHING IS BEING DONE TO STOP THESE THINGS FROM HAPPENING. But Bitcoin and cryptocurrencey as a whole are seen as evil even though they have been profitable for the majority of their existence.
The greatest wealth transfer of this century! An analysis: British-US-Chinese Empires: Gold, Silver, Bitcoin, Ethereum!
"Inflation makes you pay 50 dollars for the 20 dollar haircut you used to get for 5 dollars when you had hair!" Let's embark on a journey that made the United States the number 1 economy of the world.
1. Despite the British Empire's claim that it would for ever remain the leading empire,history can serve as a harbinger for what's to come...
At the peak of its power, in 1913, "the empire on which the sun never sets", controlled 25% of the planet's land mass and about the same percentage of the world's population. Britain was both the naval an imperial power of the 19th century, and between 1812-1914, its dominance resulted in relative peace in Europe and the rest of the world. The industrial revolution transformed Britain into the workshop of the world. By the start of the 20th century things changed as both Germany and the United States started to challenge Britain's economic and influential leadership. As often happened during human history such challenging lead to war and although Britain achieved its largest territorial influence after WW1, the war had destroyed much of its economic strength, with losses in industrial and military power marking the begin of its demise. During WW2, Japan occupied Britain's colonies, and after WW2, India, Britain's most valuable and populous possession, achieved independence. Much of the British Empire's influence is now enshrined in the Commonwealth Charter, stating shared values like democracy, human rights and the rule of law. The United Kingdom's pound sterling was its world's reserve currency during its reign and by controlling the supply of money, Britain was able to influence its global power. "Permit me to issue and control the money of a nation, and I care not who makes its laws!"Mayer Amschel Rothschild
2. The US Empire repeats this blueprint by claiming the U.S. Dollar's reserve currency status as its birthright!
The Federal Reserve Act. The Panic of 1907 triggered many American's belief that The Federal Reserve Act, passed by the 63rd United States Congress and signed into law by President Woodrow Wilson on December 23, 1913, was necessary for financial and economic stability. The law created the Federal Reserve System, the central banking system of the United States. The Bretton Woods System. The FED ended immobile reserve issues and the inelastic currency problems and successfully internationalized the U.S Dollar as the global reserve currency. The usage of the prior nationally used U.S. Dollar expanded a first time when the Allies agreed to the terms of the Bretton Woods System, establishing the rules for commercial as well as financial regulations among the United States and its allies. Canada, Western Europe, Australia and Japan accepted the U.S. Dollar, which was backed by a gold exchange standard, making the U.S. Dollar "as good as gold". This was only possible because the United States controlled two thirds of the world's gold reserves. Soviet representatives, who claimed that institutions like the IMF and the International Bank for Reconstruction and Development (IBRD) were Wall Street branches, didn't participate in Bretton Woods and later proved to be right, as the United States printed too much money (not backed by its gold reserves) to wage war on Vietnam, destroying a big part of the value of the U.S. Dollars held by its allies, due to the inflation of the U.S. Dollar money supply. Yet, the initial demand for U.S. dollars created the American way of life: a consumer driven economy fueled by products made outside the U.S. in return for U.S. Dollars. As the Allied countries couldn't really buy any "Made in America"-products, due to the fact that the United States' elites rather outsourced their manufacturing, they instead invested their hard labor into U.S. Treasuries. On August 1971, President Richard Nixon announced the unilateral cancellation of the direct international convertibility of the United States dollar to gold, in a response to halt the Allied countries' continuous attempts to exchange their U.S. Dollars for Gold. By 1973, the Bretton Woods system was replaced by the current freely floating fiat currency system. The petro dollar system. The second wave of U.S. Dollar adoption was the result of the petro dollar, making the global trade of oil U.S. Dollar denominated. Every country on this planet needed and still needs oil to operate and grow its economy, creating an enormous growth in U.S. Dollar demand and like mentioned before, those dollars had to be earned. Especially China served the United States consumer model by producing almost everything Americans can buy in Wall Mart and other stores. By relying on the U.S. Dollar reserve currency status, the American elites have made the mistake of outsourcing manufacturing to China, as often predicted by Donald Trump in the 1980's. The y figured it was easier to just print wealth. The tradewar. President Donald Trump, decided it was time to bring jobs back to the U.S. and started an ongoing trade war with China, the country that supplied the U.S. consumer driven economy, and proud owner of $1.07 trillion in Treasury holdings. The trade war has negatively impacted the economies of both the United States and China and will most likely result in the decoupling of both economies. What is to come? My personal insights. I see huge problems for the U.S. and the rest of the western liberal democracies. But especially the United States, who's currency amounts to no less than 60% of all the world's reserve assets, is vulnerable if and when China who only accounts for 1 or 2 %, says it is time for change. Most likely we will experience another banking crisis, with or without Covid-19, and unfortunately a bigger one when compared to the 2008 dissaster. Did you know that the global debt tripled since then? Many economists and politicians advocate the end of the U.S. Dollar reserve currency system and predict a reset. Every financial system has a limited lifespan similar to a human live: it is created, it grows, it matures, and unfortunately, it ages, weakens and dies. It happened to the Brittish Pound Sterling, and I am afraid that the days of this financial hegemony are numbered as well. And I did write "afraid", why? History tells us that these transition periods are particularly dangerous and have often led to full-blown military conflicts if not world wars. The current wealth transfer, the result of manufacturing outsourcing to mainland China, impoverished the United States and destroyed its middle class. President Donald Trump's analysis that the U.S. needs a strong manufacturing base is correct, yet without its allies the United States will not be able to turn the tide. It took China decades to build its manufacturing base, and President Trump doesn't have the privilege of having the political luxury to design five year plans, as the United States capitalistic and political model specializes more on presidential campaigning and less on economic planning, which is exactly China's strength.
3. The Chinese 'digital' empire.
China is ideally positioned to become the new global power: it produces many of our products and dominates most supply chains. It has been hoarding gold and mines most of the Bitcoin. It might just have the right reserve assets to back its DCEP, the digital Yuan, which will be pilot tested during the 2022 Winter Olympics hosted by China. Despite the fact that the United States and other western nations might not want to adopt the Yuan or allow it to be part of the world's reserve assets, China can demand payment in Yuan for its products. It's that simple! This is why outsourcing is such as stupid economic voluntarily yet fatal policy. If you only print money and don't produce goods, how long will the world play ball? One of the results of Trump's trade war is that China and other countries such as Russia and Iran no longer want to be vulnerable to U.S. sanctions that come in the shape of being denied access to the financial system through Swift. The United States can indeed destroy a big part of Iran's economy, but Iran is now becoming a big cryptocurrency player. In other words, bullying those countries might work in the short-term, but in the long-term they will simply adopt a new standard: and I believe that the Yuan will likely play a major role in the financial system they will adopt. This trend means that the expansion of the demand in U.S. Dollars will stop and reverse, when countries no longer want to use the currency whose issuer can economically destroy them through sanctions. The alternatives for such countires are cryptocurrencies like Bitcoin, Ethereum and many others, national CBDC's (Central Bank Digital Currencies), and the adoption of the digital Yuan. This digital Yuan will be attached to the One Belt, One road initiative, finding adoption whilst developing huge infrastructure projects that will lead to a Eurasian trading zone. If the U.S. Military leaves the Middle East, as Trump brings home troops, this will create the right conditions for China to emerge as the victor.
4. Surveillance Capitalism - Insights on the DCEP (Digital Currency Electronic Payment, DC/EP):
This centralized digital financial system works on blockchain and cryptographic principles and aims to increase the circulation of the RMB, in the hope it can become a reserve currency like the U.S. Dollar.
Created and sanctioned by the Chinese Government, it is the only legal digital currency in China.
The system offers Chinese regulators better monitoring abilities and will be an efficient tool against anonymous counterfeiting, money laundering and illegal financing. At the same time it reduces costs involved in maintaining and recycling bank notes and coins.
As mentioned above, China aims to bypass Swift, which it regards to be a U.S. entity, and will be able to collect real-time data related to money creation, bookkeeping, essential information for the implementation of monetary policies.
The pilot institutions for DCEP, China Construction Bank, Agricultural Bank of China, Bank of China and Industrial and Commercial Bank of China, will serve as a production test for China's new currency system, after which the DCEP will be distributed to large fintech companies such as Tencent and Alibaba to be used in WeChat Pay and AliPay. Transfers will not go through bank accounts, but through electronic wallets.
By mandating that all merchants who accept digital payments must accept DCEP, the DECP will become the most accepted digital currency in the world.
5. Sings of hope.
If the United States adopts blockchain and issues a CBDC (Central Bank Digital Currency) backed by Bitcoin, they will have a reasonable chance to offer the western democracies a new type of dollar standard that can be an anchor versus the coming RMB. If not, I fear the worst is yet to come for the U.S. Dollar and its economy. Many smart American economists and Wall Street goeroe's have finally figured out the remarkable strength of Bitcoin, the world's first and most favorite digital form of gold. Some of the smartest investment capitalists like Ray Dalio and Warren Buffet have allocated more money into gold, a clear sign of trouble. Bitcoin might be a step too far for Warren Buffet, but rest assure that Wall Street investment management companies have figured it out by now, have you? You can expect more institutions to allocate a % of their portfolio's wealth into Bitcoin and other cryptocurrencies, as a hedge against the systemic risk in our global financial system, which will inevitable start feeling the effects of the trillions that have been printed. "Inflation makes you pay 50 dollars for the 20 dollar haircut you used to get for 5 dollars when you had hair!"
What the Department of Justices Recent Obession with Cryptography and Crypto is About
I often post things here that really come across as fud, but what we have seen these last couple months is an explosion in regulator activity. The way the US federal government works, is it sits on cases for years at a time in secrecy, and then it attacks. There are many obscure laws that people are all unaware of which entirely relate to the war on terror and 9/11 and the Patriot Act. The truth is that most of these banking laws that changed are a result of their pretense to behave like a police state under the guise of fighting terrorism. Well What does that have to do with bitcoin? They want to set the precedence of those anti terrorism laws and banking laws onto end to end encryption and bitcoin. These people have a clear motive they are trying to keep hid, that crypto lawyer are beginning to speculate isn't off the table. They certainly implied in the DoJ 83 page report that those options are on the table. But the truth is, they *already* want to do it anyways. Before I make the case for what I am alleging you need to know about the key regulatory bodies and some of these laws, which I'm just gonna list for you to research in case you doubt me: 1) OFAC 2)FATF 3)BIS 4)Interpol 5)Banking Secrecy Act 6)Treasury Department 7)Federal Reserve Namely, What can the US do under OFAC in the guise of anti terrorism. Well the short answer is ANYTHING. And that is what this 83 page guide by Barr is claiming, that is what the Bitmex Indictment by the Department of Justice is claiming, that is what they have been doing in Afghanistan and Iraq for 20 years. It's been like this since 9/11 and now they are squaring in on crypto. It is clear that the Department of Justice and AG Barr do not want Bitcoin to function as Bitcoin, much like end to end encryption they want a back door But let's talk about what that looks like. 1) Forcing every country in the world to enforce mandatory KYC on all decentralized smart contracts and all centralized exchanges with the threat of extrajudicial indictment and OFAC black listing for Banking Secrecy Act violations and Terrorism funding. 2) Forcing every country to prohibit withdrawls to any non preregistered white listed address that has been vetted by CipherTrace and Chain Analysis with the threat as stated in 1) 3) Forcing every country to prohibit US customers from making an account without extremely profoundly high regulatory costs, thus trapping capital in the united states and prohibiting US citizen from investing overseas, as most modern Banks today will no longer take Americans as customers overseas, due to the same regulatory threats. 4) Forcing every merchant in America, and as many outside of America to use Chain Analysis and Cipher Trace on all transactions to vet the source of the funds, and if those funds do not have a chain of custody on a public blockchain linking back to a white listed kyced account, then rejecting those transactions (no more monero) 5) Forcing every exchange in the world to do the same chain of custody verification on every customer just as above. 6) Disallowing any deposits in a US financial exchange to cash out without said chain of custody. 7) Disallowing any cash out of funds that have not been declared as owned assets in a perpetually pervasively monitored public address that the US regulatory bodies know about. 8) The constant threat of censorship and forced confiscation. 9) The backdooring of all hardware wallets and software wallets, prosecution of developers. Indictments against Trezor and Ledgernano. 10) Perpetual Surveilance
The Guardian, 21 March, 2016http://www.theguardian.com/money/commentisfree/2016/ma21/fear-cashless-world-contactless?CMP=fb_gu The health food chain "Tossed" has just opened the UK's first cashless cafe. It's another step towards the death of cash. This is nothing new. Money is tech. The casting of coins made shells, whales' teeth and other such primitive forms of money redundant. The printing press did the same for precious metals: we started using paper notes instead. Electronic banking put paid to the cheque. Contactless payment is now doing the same to cash, which is becoming less and less convenient. In the marketplace convenience usually wins. That's fine as long as people are making this choice freely. What concerns me is the unofficial war on cash that is going on, from the suspicion with which you are treated if you ever use large sums of cash to the campaign in Europe to decommission the 500-Euro note. I'm not sure the consequences have been properly considered. We already live in a world that is, as far as the distribution of wealth is concerned, about as unequal as it gets. It may even be as unequal as it's ever been. My worry is that a cashless society may exacerbate inequality even further. It will hand yet more power to the financial sector in that banks and related fintech companies will oversee all transactions. The crash of 2008 showed that, when push comes to shove, banks have already been exempted from the very effective regulation that is bankruptcy -- one by which the rest of us must all operate. Do we want this sector to have yet more power and influence? In a world without cash, every payment you make will be traceable. Do you want governments (which are not always benevolent), banks or payment processors to have potential access to that information? The power this would hand them is enormous and the potential scope for Orwellian levels of surveillance is terrifying. Cash, on the other hand, empowers its users. It enables them to buy and sell, and store their wealth, without being dependent on anyone else. They can stay outside the financial system, if so desired. There are many reasons, both moral and practical, to want this. In 2008 many rushed to take their money out of the banks. If the financial system really was as close to breaking point as we are told it was, then such actions are quite justified. When Cyprus's banks teetered on the cliff of financial disaster in 2011, we saw bail-ins. Ordinary people's money in deposit accounts was sequestered to bail out the system. If your life savings were threatened with confiscation to bail out a corporation you considered profligate, I imagine you too would rush to withdraw them. We have seen similar panics in Greece and, to a lesser extent, across southern Europe. Mervyn King, the former governor of the Bank of England, recently declared that banking was not fixed and that we would see financial panic again. In Japan, the central bank has imposed negative rates and you are charged by banks to store money. This is to try and goad people into spending, rather than saving. So much cash has been withdrawn from banks that there are now reports that the country has sold out of safes. These are all quite legitimate reasons to want to exit the system. I'm not saying we should all take our money out of the bank, but that we should all have the option to. Cash gives you that option. Why remove it? It's our money. Not the banks'. The telephone teaches us a useful lesson. At its peak in 2008, there were 1.3bn landlines for a global population close to 7 billion. Today more than 6 billion people have a mobile phone -- more than have access to a toilet, according to a UN study. Many assume that the mobile succeeded where the landline failed, because the superior technology made widespread coverage more possible. There is something to that. But the main reason, simply, is that, to get a landline, you need a bank account and credit. About half of the world's population is 'unbanked', without access to the basic financial services you need. Telecom companies saw no potential custom, the infrastructure was never built and many were left with fewer possibilities to communicate. But a mobile phone and its airtime you can buy with cash. You don't need to be banked. Almost anyone can get a mobile -- and they have. The financial system was actually a barrier to progress for the world's poor, while cash was a facilitator for them. Six billion people around the world will have a smartphone by 2020. They will have pretty much everything they need to participate in e-commerce -- internet access, basically -- except the financial inclusion. Which is why there will be a huge role to play in the future for new forms of digital cash -- from Kenya's M-Pesa to bitcoin -- money you can use even if you are not financially included. Cash has its uses for small transactions -- a chocolate bar, a newspaper, a pint of milk -- which, in the UK, are still uneconomic to process by other means. It will always be the fastest and most direct form of payment there is. I like to tip waiters, for example, in cash, knowing they will receive that money, without it being siphoned off by some unscrupulous employer. I also like to shop in markets, where I can buy directly from the producer knowing they will receive the money, without middle men shaving off their percentages. It also has its uses for private transactions, for which there are many possible reasons, and by no means all of them illegal. Small businesses starting out need the cash economy. Poor people need the cash economy. The war on cash is a war on them. If you listen to the scaremongering, you'd start to think that all cash users are either criminals, tax evaders or terrorists. Sure, some use cash to evade tax, but it's paltry compared to the tax avoidance schemes Google and Facebook have employed. Google doesn't use cash to avoid tax. It's all done via legislative means. Cash means total financial inclusion, a luxury the better-off take for granted. Without financial inclusion -- and there will always be some who, for whatever reason, won't have it -- you are trapped in poverty. So beware the war on cash.
Federal Reserve Making Moves To Limit Bitcoin More With Travel Rule Changes
The main argument that the reddit community makes to me is that they will always have total anti-regulatory powers with bitcoin that allow them to do bitcoin like things and that regulators cannot stop them. I would urge you to look at the recent legal precedents set by the verdict against Helix, the verdict against Bitmex, the recent DoJ Guideline documents, and the recent proposal in the federal regitrar to amend the travel rule down to 250 dollars from 3000 and to include cryptocurrencies as part of the money outflows rules. What the Government is really doing is using OFAC and BSA to enforce mandatory global KYC on all countries. If you are a software developer anywhere in the world, they can just say you touch american servers even if you don't and that you enable terrorism even if you don't. They are creating the framework to prosecute software developers anywhere in the world that do not backdoor KYC. This is de facto global censorship on bitcoin. It basically breaks bitcoin. Bitcoin is largely inhibited by it's dependence on software wallets. Well they forced Komodo to institute KYC on its atomic swaps. They forced in on Waves. You can and should post your comment on the federal registrar public comments against the Fed's proposal, it is deeply wrong. But they are going to extend it to crypto. The real key result here is that America is ending free market cross boarder trading anywhere in the world and instituting extremely strong capital flight controls on Americans and Westerners in general. The only way that cryptocurrency will truly remain uncensorable and fungible is if you transact between people in a cash like manner under the table while using software that deliberately anonymizes the developers. The Government knows you have the bitcoin, it is a frame work for forced confiscation. This is why Satoshi hid his identity, he knew this was possible. But bitcoin's dependence on software for trading is it's achilles heel.
Despite the coronavirus pandemic and the resulting financial crisis, at least 10 countries have made announcements regarding cryptocurrency regulation since our last regulatory roundup. They ... Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all ... For more information about Australia’s Bitcoin regulation, check out the Library of Congress’ detailed report. France . France, though in the early stages of developing a framework for Bitcoin regulation, took some notable steps in 2019. French citizens are free to invest and trade Bitcoin. In this guide, you will find a complete list of bitcoin by country to help you to remain on the right side of the law when investing internationally. Trading in Bitcoin in Vietnam is still unrestricted and unregulated by law, and two largest bitcoin markets in Vietnam - VBTC and Bitcoin Vietnam are working without being restricted. In August 2017, Vietnam's prime minister has approved a plan that could see the country formally recognize bitcoin as a form of payment by the end of 2018.
Crypto Used in Third World Countries New Regulations Cryptocurrency News Ep44
Cryptocurrency regulation has a huge impact on crypto. In this video, Mattie takes a look at the most recent updates from India, South Korea, China, and Russia. ----- Connect with us on Social ... bitcoin prediction 2018 and crypto regulation with different country Top 5 coin to hold in 2018 Bitcoin forecasts price prediction 2018 in HINDI. Why will Bi... In this video I break down the current regulations on Bitcoin and cryptocurrencies in South Africa, and what the government is planning with regard to regulations. I also touch on digital currency ... Countries are mitigating the negative impacts of Crypto through bans and regulations. Find out what the latest bans and regulations on cryptocurrencies are! Why are cryptocurrency prices rising so ... Role: Co-Director & Country Manager Colombia The use case for Bitcoin can vary from country to country. How people use Bitcoin in New York will differ from on the border of Colombia and Venezuela ...