EU to Tighten Cash & Gold Controls, Surge in Bitcoin Demand Will Follow

EU to Tighten Cash & Gold Controls, Surge in Bitcoin Demand Will Follow

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On Dec. 21, the European Commission tightened controls on the inflow of cash and precious metals from outside of the EU. Describing its decision as a move to crackdown on terrorist financing, the Commission granted permission to border patrols to seize cash or gold brought in by suspects. Customs officials in EU states, as well as border controls, can seize and restrict the inflow of cash and precious metals without particular guidelines as to whom is suspected of terrorist financing or funding of militant attacks. Such ambiguity in the new proposals could potentially lead to the false confiscation of funds carried in by civilians coming into the EU. Individuals holding over $10,400 in cash must declare at EU state customs before entering a member state. If they fail to do so, individuals could be scrutinized by the newly proposed regulations. The EU executive Commission also stated in a note obtained by Reuters that authorities will be able to seize money below $10,400 upon their independent investigations and considerations. Potential regulations on other money transmission methods To date, cash and precious metals are the only two stores of value that the European Commission plans on regulating. The inflow of cash and …

Jerry Brito of Coin Center: Give Bitcoin 5 Years to Do What Google, Facebook Did

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Jerry Brito, the executive director of Coin Center, which has been advocating for the advancement and free use of Bitcoin and other cryptocurrencies, says Bitcoin still needs about five more years to be powerful. Coin Center is a Washington think tank that studies the Blockchain and digital currencies. Brito, who has been involved in advising the government to take a light regulatory approach as the technologies evolve, thinks that now is the best time to get involved in the cryptocurrency. Jerry Brito has been a vocal Bitcoin advocate since 2014 when he launched Coin Center as an independent nonprofit research center, focused on the public policy issues facing cryptocurrencies. He said in Chedder Live that: “If we compare Bitcoin to the early internet, we didn’t get the real Web until the mid 1990s with the introduction of Netscape and it took five more years before we got Google to make the Web useful and it wasn’t until five years after that that we got Facebook and Netflix and things that we take for granted today. So where are we today? Look, I think we are five to ten years from the true kind of power that everybody is expecting. But …