Bitcoin Protection from Bank Raids and Kleptocracy

Bitcoin Protection from Bank Raids and Kleptocracy

Latest cash grab. It was reported in the Australian news source news.com.au that the Australian government arbitrarily voted itself the rights to close and confiscate bank deposits if left idle for only three years. Some are starting to wonder if this kind of Kelptocracy is just the beginning. This netted the government $360 million dollars as of this....


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Indian Tax Authorities Seek Clarification on Bitcoin

Just a few days after the Reserve Bank of India (RBI) issued adigital currency warning, Indian authorities started cracking down on local bitcoin exchanges. Within two days the first raids were carried out, although the owners of the platforms were not arrested and, at present, it does not appear that they have been charged with any crime. The raids were carried out by India's Enforcement Directorate, but now it seems that their colleagues at the Income Tax Department are just as keen to flex their muscle on digital currency outfits. The Hindu reports that taxmen paid a visit to....

Launch of Indian Digital Currency Laxmicoin Postponed Following Raids

The launch of an India-focused digital currency, Laxmicoin, has been suspended by its co-founders, following the Reserve Bank of India's (RBI) raids on bitcoin exchanges in December last year. While some bitcoin exchanges are once again operating and digital currencies are gaining traction in major Indian cities, Laxmicoin founders Mitts Daki and Raj Dangi say they are adamant about not moving forward with the launch of their new currency until the RBI gives them the green light. Daki, who is based in Silicon Valley, revealed that one of the reasons for the suspension is that some of the....

Italian Central Bank Sounds Warning on Bitcoin

Yet another international central bank is putting the spotlight on bitcoin by sounding the warning alarm to those who may be inclined to buy, invest in it, or use as, well, a currency. This time around it's Banca d'Italia, Italy's Central Bank. In a recently-released statement, the central bank cautioned that bitcoin (and presumably other digital currency) are not financially stable, are not legal tender, and offers no protection to those who use it and lose it. The Central Bank also noted that bitcoin has the potential to be used for illicit activities, which of course applies to cash,....

Dutch Police Arrests Three People in Bitcoin Money Laundering Investigation

A total of six people has been arrested during police raids yesterday, which took place in The Netherlands and beyond. These police raids are a result of an ongoing investigation regarding money laundering with Bitcoin, a service offered by several individual residing in the Rotterdam area. Bitcoin’s PR problem has gotten slightly worse yet again by the look of things. It is not the first time Bitcoin is linked to money laundering activities. However, this police investigation focuses on several individuals offering a guaranteed anonymous exchange from fiat currency to Bitcoin. This type....

South African Regulator Raids Home of Key Members of an Alleged Crypto Ponzi ...

A South African regulator along with the country’s police have reportedly seized electronics devices and computers belonging to two principal members of Mirror Trading International (MTI), an alleged bitcoin Ponzi scheme. The raid at Clynton and Cheri Marks’ home on October 26 was conducted by Financial Sector Conduct Authority (FSCA) officials who are looking for proof of trades and bitcoin balances. MTI Remains Defiant The raid comes after the South African regulator previously advised MTI clients to withdraw funds after determining that the company did not have the required....