Pennsylvania's Department of Banking and Securities Identifies Digital Currencies as ‘Top Emerging Threat to Investors’
The Pennsylvania Department of Banking and Securities, issued a note identifying the 'top emerging threats facing investors in 2015,' where the state agency warns investors of the risks associated with digital currencies. "We are living in an age where traditional financial and investing relationships are being transformed rapidly and sometimes in confusing fashion by technology and innovation," said Glenn E. Moyer, Secretary of Banking and Securities, in a statement. The North American Securities Administrators Association (NASAA), of which the Pennsylvania Department of Banking and....
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Pennsylvania is joining increasing number of U. S. states issuing warnings on digital currencies. The Pennsylvania Department of Banking and Securities today released an announcement urging consumers, businesses, and investors to consider the risks of getting involved with digital currencies - namely bitcoin and litecoin. "These virtual currencies - unlike U. S. dollars - are not backed by tangible assets or the full faith and credit of the U. S. government, and currently are subject to little or no regulation in any country," said Glenn Moyer, Secretary of Banking and Securities. "In....
The United States government just can't quite decide whether to regulate bitcoin, or deem it a threat by declaring it a form of financial terrorism. The digital currency regulated only by mathematics is now being seen by government officials as an emerging threat, possibly to national security. According to IB Times, a counterterrorism program being conducted by the Combating Terrorism Technical Support Office (CTTSO), a division of the Department of Defense (DoD), is seeking help from vendors asking for information on "state-of-the-art technologies" that could potentially pose a threat to....
The proposed crypto task force will examine the impact of crypto and digital currencies across the Commonwealth of Pennsylvania. A bill to establish a crypto task force in Pennsylvania has been introduced in the state’s General Assembly.According to the details of HB1724 published by LegiScan, the proposed crypto task force will be mandated to examine the potential impact of widespread crypto and digital currency adoption in the state.A moderately partisan bill introduced by eight Democratic and two Republican members of the General Assembly, the proposed legislation, if passed, will be....
A new report from the British Banking Association reveals that the increasing popularity of digital currencies, especially bitcoin will continue to threaten the traditional banking system. UK Banking Report considers Bitcoin as a Threat. The latest UK Banking Report - A section of The Digital Disruption, is dedicated to digital currencies, specifically about its implications on the perception of value transfer and the impact on the traditional banking system. The section on cryptocurrencies reports that digital currency is increasingly becoming a ubiquitous challenge to the established....
The Institute of International Finance held its annual membership meeting in Washington this past weekend, and banking elite from all over the world convened to discuss many topics. The newest topic of discussion at this year's meeting, one that had eluded them in previous years, was a threat to traditional banking embodied by Bitcoin and other crypto-currencies. What should banking "do" about a Bitcoin threat? What can they do about it? How to handle the Bitcoin threat. Jamie Dimon is the CEO of JP Morgan Chase. JPMorgan Chase is the leading U. S. bank in domestic assets under management,....