Why US Intelligence Experts Have Been Monitoring Bitcoin

Why US Intelligence Experts Have Been Monitoring Bitcoin

admin Anonymity, Bitcoin Law, Bitcoin Regulations, Government, IRS, Privacy, Spying, Taxes, USA 0 Comments

Hundreds of U.S. experts within defense and intelligence agencies are seeking to understand how virtual currencies like Bitcoin could undermine the U.S.’s long-standing ability to disrupt the financial networks of its foes and even permanently upend parts of the global financial system, Newsweek confirmed in a report. Juan Zarate, senior adviser at the Center for Strategic and International Studies and also on the board of advisers for Coinbase, told the weekly news magazine that virtual currencies pose a challenge. It runs contrary to the fundamentals of transparency and accountability that have been built over the last three decades to tackle terrorism, human trafficking, money-laundering and many other types of criminal activity. Is FBI hacking Bitcoin users’ computers? This new information will inadvertently provide an answer to the suspicion held previously that some agencies of the U.S. government have made moves that suggest Bitcoin users are being targeted for unconfirmed reasons. There were reports that a revised Rule 41 would allow the FBI to use a single warrant to hack an indefinite number of computers anywhere in the world. The rule, which will offer authorities an expansion of power over taxable pools of hidden assets such as cryptocurrencies, has been a …

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Is the End Nigh? The Bell is Tolling for Banks!!

admin Banking, Bitcoin, Blockchain News, Government, Loans & Lending, P2P Lending 0 Comments

The Internet age has forced old school businesses to come online, and banks are no exception to this rule. Today you may be able to check your balance, transfer money or even pay for goods and services on your laptop, your mobile or even your fancy new smart watch but let’s be honest, banks still do not extend their full services through online channels. As an example, lending, which is a core banking activity, is usually never delivered through the Internet and this means that you invariably have to drag yourself to a bank branch just like you would have done in the 19th century and complete some good old fashioned paperwork to get a loan approved. Banks are the same but things are changing Accenture recently published a report titled “2016 Accenture Technology Vision for Banking.” In the report, they carried out a poll on bankers who surprisingly seem to be critically aware that the world around them is not the same. The report states: “Eighty-five percent of bankers agree that bank industry boundaries are being erased and new paradigms are emerging with every industry being significantly impacted.” Today we are increasingly using a variety of non-banking companies and …

Canadian Government Moving Faster Towards Mainstream Bitcoin Adoption

Canadian Government Moving Faster Towards Mainstream Bitcoin Adoption

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Recent events in Canada suggest its government could be well positioned to become an early mainstream adopter of Bitcoin. Thursday, Nov. 17 recorded the biggest attendance ever at the Toronto Bitcoin meet-up. Earlier on the same day was a meeting between Jason Cassidy, president at Crypto Consultant, who is quickly becoming a Bitcoin ambassador in Canada and the Ontario Securities Commission (OSC). The meeting was a move to work with the commission towards cryptocurrency legislation in Canada. He says: “Bitcoin and Blockchain awareness appears to be reaching a tipping point in Canada.” Everyone seems to be involved Cassidy explains that the increased interest in the world’s first truly decentralized digital currency seems not to be limited to enthusiasts and tech pioneers. The Government of Ontario is now taking an active role in helping to shape future legislation for Bitcoin and digital currencies, a trend that he says will become commonplace over the next few years as mainstream acceptance becomes a reality. Cassidy describes this development as groundbreaking steps in the right direction, as it opens the door for collaboration with various levels of government. “We are now at a point where, to grow the ecosystem further, we must work diligently …

Bitcoin Privacy USA Anonymity Government Transactions Coinbase Identity

Bitcoin Anonymity Over? United States Government Seeks Identity, Transaction Records of Coinbase Users

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The U.S. government is seeking the identity of Coinbase users for tax purposes, sparking fears that Bitcoin’s anonymity may be compromised. According to a legal summons filed in the Northern California District Court, the U.S. Internal Revenue Service (IRS) seeks to identify several Coinbase users and their financial activity, based on evidence that they may have violated U.S. tax laws: “Based upon a review of the petition and supporting documents, the Court has determined that the “John Doe” summons to Coinbase, Inc. relates to the investigation of an ascertainable group or class of persons, that there is a reasonable basis for believing that such group or class of persons has failed or may have failed to comply with any provision of any internal revenue laws, and that the information sought to be obtained from the examination of the records or testimony (and the identities of the persons with respect to whose liability the summons is issued) are not readily available from other sources.” As indicated by the summons, two things are clear: one, the IRS has tracked Bitcoin-related activity sufficiently to be able to determine that certain users may not be in compliance with tax law, and two, this activity …