NY regulator issues first license for bitcoin company
http://economictimes.indiatimes.com/news/international/business/ny-regulator-issues-first-license-for-bitcoin-company/articleshow/49066106.cmsCircle Internet Financial, a Boston-based bitcoin startup backed by Goldman Sachs Group Inc , has received New York's first BitLicense, allowing it to offer digital currency services in the state.
The firm, founded in 2013, released a new version of its mobile payment service on Tuesday.
The BitLicense from the New York Department of Financial Services is based on the first set of US state guidelines for companies that operate in virtual currencies such as bitcoin, which is created and exchanged independent of banks.
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Texas Man Pleads Guilty in NY Bitcoin Securities Fraud Casehttp://gadgets.ndtv.com/internet/news/texas-man-pleads-guilty-in-ny-bitcoin-securities-fraud-case-743179A man involved in what federal authorities have described as the first Bitcoin securities fraud case pleaded guilty on Monday.
Trendon Shavers, of McKinney, Texas, pleaded guilty in New York to a count of securities fraud on his 33rd birthday. He told US Magistrate Judge Sarah Netburn that he made false statements to investors.
The government said the false statements he told included promising investors as much as a 1 percent daily gain if they entrusted him with their Bitcoins, digital currency created and exchanged independent of banks or governments.
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there seems to be a lot of lack of clarity regarding the whole legal scenario. it would be good if someone clarified this once and for all (all the possible outcomes of using bit coins and their likelihood).
And who better to do this than the government?  This FAQ has raised more questions than it answered. |
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This Govt is a joke. Ravi Shankar Prasad should have atleast known what was in the draft, it makes him look so silly. Reminds me of Modi ji tying to snoop during snoopgate.
In this aspect, at least the government is receptive to criticism. That is a positive.  |
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This seems to have made it to the mainstream media. You could soon have public opinion building up (a la net neutrality debate) |
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There still needs to be a debate on whether bitcoin should be treated as a commodity or currency in India.
If it is treated as a commodity, then there should be no need for disclosure.
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The Bitcoin community disagrees on what happens nexthttp://www.business-standard.com/article/international/the-bitcoin-community-disagrees-on-what-happens-next-115091900668_1.htmlThe US Internal Revenue Service thinks bitcoin is property; a federal judge thinks it's a currency; now the Commodity Futures Trading Commission (CFTC) has decreed it a commodity. That means the regulator can now bring charges against any wrongdoers trading cryptocurrency futures and options.
Does the ruling change the fundamental nature of what Bitcoin is, and how its advocates will use and develop it? We asked leading members of the bitcoin community for their views.
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I think if you have bitcoin holdings, you have declare it every year until you sell it off.
Am I right?
That is one interpretation which I am afraid of, and don't think is right. This provision can be easily used to harass the crypto-community in the future. what do you mean by harass? if you declare it like this every year what is the problem? you don't have to pay tax on your bitcoin holdings every year right? it's only the first year. They may decide - Those who have declared may need further scrutiny - If you miss declaring it in the first year, then you are in trouble. - In case law changes (let us say bitcoin becomes illegal) then the government has a ready database. |
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In my opinion bitcoin can never give payment bank run for their money.Even if customers and merchants start using bitcoin there number would be so little to make any impact on these banks
Never say never. Right now, bitcoin adoption is low in India. This can change. But bitcoin is a global currency with limited supply.A large adoption is possible only with large supply If that was truly the case, Bitcoin would have died a quick death. Thankfully, that is not the case. Think of how many satoshis are there. There are more than enough. |
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In my opinion bitcoin can never give payment bank run for their money.Even if customers and merchants start using bitcoin there number would be so little to make any impact on these banks
Never say never. Right now, bitcoin adoption is low in India. This can change. |
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I think if you have bitcoin holdings, you have declare it every year until you sell it off.
Am I right?
That is one interpretation which I am afraid of, and don't think is right. This provision can be easily used to harass the crypto-community in the future. |
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I am curious because
- If bitcoins (or to be exact - my private keys) are stored on my computer, how can they be classified as foreign assets?
- This declaration is more to do with undisclosed foreign assets / income. If I buy bitcoins with declared income, how would it fit into this.
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Registering...
Address: 16zhLekpsSVPePr4HCTxPPYxSCznJJ57y9
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A post from another thread, which I think merits a separate discussion. Q: A person maintains an e-wallet / virtual card account online on a website hosted in a foreign country, which was initially funded by income chargeable to tax in India on which tax has not been paid. Can a declaration be made in respect of e-wallet / virtual card?
A: The e-wallet/ virtual card account is similar to a bank account where inward and outward cash movement takes place from the account. Therefore, the valuation and declaration of an e-wallet account may be made as in the case of a bank account. |
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For small amounts, is it worth meeting a seller and buying in person? The transportation costs might eat into the margins. |
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In case TheNew....'s registration is not accepted, I would like to sign up for the advertiser slot.
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