Will Bankers Go to Jail if the Market Collapses Again?
The financial crisis in 2008 served as a stark example for everybody about the volatility of the global economy. This month, we’ve had numerous other reminders as the US stock market experiences its worst ever start to any year ever. Quickly after the financial crisis, derivatives positions increased to new highs. Many of the behaviors that caused the financial crisis remain in place. In Iceland, representatives chose a different path. Iceland has 26 bankers over his role in the 2008 economic crash, which led to what some mainstream experts are now labeling a “recession-depression.” The....
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In the end, this is still positive news coming out of Russia. An official acknowledgment of discussions taking place is better than nothing. A few days ago, news broke of Russia slowly taking a more positive stance toward bitcoin. It even seems bitcoin may gain legal status in the country. However, one of Russia’s central bankers is not convinced the outcome will be so positive. Legal recognition of cryptocurrency is not guaranteed, nor should anyone think otherwise. Cryptocurrency enthusiasts are well aware Russia will not embrace bitcoin all of a sudden. It is good to see the central....
Cryptocurrencies are very unstable for them to become a widely used method of payment, the Nigerian and Kenyan central bankers have reportedly said. In addition, the bankers claim that cryptocurrencies also pose a risk to financial stability. Narrowing the Financial Exclusion Gap The Nigerian and Kenyan central bankers have said cryptocurrencies are too volatile to become an acceptable payment method. The bankers also insisted that cryptocurrencies pose a risk to financial stability, a Reuters report has said. As per the report, the bankers namely, Kingsley Obiora, the deputy governor of....
A bitcoin seller has been sentenced to one year and one day in jail for defrauding customers, according to a notice by the U.S. Department of Justice (DOJ). The man took money from customers but did not provide them with the agreed-upon bitcoin.
Fraudulent Bitcoin Seller Going to Jail
The U.S. Department of Justice (DOJ) announced last week that Michael Yusko has been sentenced to one year and one day in prison “for defrauding customers through unlicensed bitcoin business.”
The 47-year-old resident of New Orleans sold bitcoin and other....
Bitcoin, and cryptocurrencies in general, has been a controversial topic for a long time. There are many words for what cryptocurrencies pretend to be but are not: decentralized, safe, fair, valuable, stable, a currency, honest, a solution, the future. Much like many other central bankers, Sweden’s Central Bank governor is very skeptical about Bitcoin trading. The Sveriges Riksbank Governor’s Take On Bitcoin According to a Bloomberg article, the governor of Sveriges Riksbank, the central bank of Sweden, questioned the staying power of currencies without government backing. He....
A South African tax expert, Thomas Lobban, has warned non-tax paying crypto traders that they now face possible jail time if the South African Revenue Services (SARS) decides to lay tax offense charges against them. He adds that this threat of jail time similarly applies to South African crypto traders that use offshore exchange platforms to trade or store their crypto assets. Lack of Guidance Blamed Lobban’s warning follows reports earlier in the year which suggested that changes to South African tax laws may have made it “easier for SARS to secure criminal convictions for....