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DropsOfJupiter
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May 21, 2015, 04:44:52 AM |
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Just read this analysis of the legality of Auroracoin and Bitcoin in Iceland by Dr. Peter Roudik of the Global Legal Research Center : http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205404097_text If I am reading this right, Auroracoin is not recognised and cannot be used in payment of goods or services in Iceland. At all. It can't also be traded on exchanges based outside of Iceland or with non-Icelandic clients, since the Icelandic krona cannot leave the country (as per the Icelandic Foreign Exchange Act). I think the devs have very limited options with Auroracoin, and one wrong statement or move could see them breaking Icelandic laws. So what is the end game, here? Surely this is all not a matter of speculation? This is just not correct. Either based on false information or misinterpretation of facts. Cryptocurrencies are not by any means illegal in Iceland nor is there any restrictions to use it to trade goods and services. We are setting up an exchange here in Iceland where Icelandic people can buy and sell Auroracoin for ISK. Before we went ahead with that we had our lawyers send out official letters to The Central Bank of Iceland, The Financial Supervisory Authority and the Directorate of Internal Revenue (IRS). Each gave us an official reply back stating what we already knew as I have talked to them directly before but this was to make it official. What it stated:They don't consider cryptocurrencies to be a legal currency as that requires that a consumer must be able to have a claim to an central issuer of a currency according to laws nr.120/2011. Current laws of Iceland do not protect consumers for possible loss of cryptocurrencies in case an exchange that holds consumers cryptocurrencies fails their duty or in case a payment goes into the wrong hands. Now the part that is the source of all the misinterpretation and misunderstanding.Icelandic laws do not require that any special permission needs to be given from the central bank for trade with cryptocurrencies. However the central bank states that when it comes to currency trade the central bank has their role according to laws nr. 87/1992 and that applies to cryptocurrencies like anything else. It is the central banks view that there is no authorisation to buy foreign currency of an financial institution in Iceland nor to move foreign currency out of the country in regards to business with cryptocurrencies. Current laws do not assume any other possible intervention of the central bank for the type of business that you describe in your request other than what is stated in this letter. We got the same answers from the other institutes all pointing towards a joint statement they did at the time of Auroracoins initial release. That statement holds pretty much the same as the official letters we got back from them. The Financial Supervisory Authority http://www.fme.is/utgefid-efni/frettir-og-tilkynningar/frettir/nr/2041The Central Bank of Iceland http://www.sedlabanki.is/utgefid-efni/frettir-og-tilkynningar/frettasafn/frett/2014/03/19/Advorun-til-almennings-um-syndarfe-e.-virtual-currencies/http://www.sedlabanki.is/utgefid-efni/frettir-og-tilkynningar/frettasafn/frett/2014/03/19/Notkun-syndarfjar-getur-fylgt-mikil-ahaetta/Directorate of Internal Revenue http://www.fme.is/utgefid-efni/frettir-og-tilkynningar/frettir/nr/2041Ministry of the Interior http://www.innanrikisraduneyti.is/frettir/nr/28881Ministry of Finance and Economic Affairs http://www.fjarmalaraduneyti.is/frettir/nr/17813So what this translates to is that there are no restrictions for people in Iceland to buy, own or trade cryptocurrencies. It only states that we do not get an exception from the currency restrictions and buy foreign currency for the purpose to buy cryptocurrency. Meaning that it applies to cryptocurrencies like anything else here in Iceland. All these links to laws and articles are in Icelandic but for those of you not speaking Icelandic I would think Google translate should give accurate enough information. If this is the case, then someone should get in touch with Dr. Roudik and brief him of the facts. The Library of Congress is an important resource for American lawmakers, world policymakers, journalists and students - more so its branch, the Law Library of Congress. Imagine how many people are laboring under the assumption that Auroracoin is without any utility. If Dr. Roudik is sufficiently convinced, who knows, he might write a new analysis and the LoC could be updated. There are only three cryptos (Bitcoin, Litecoin and Auroracoin) mentioned in the entire LoC - the biggest library in the world, containing over 158 million books and documents. Take advantage of this rather than allowing statements like " they cannot currently be used for payment of goods or services in Iceland" go uncorrected. |
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BauldersGate
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May 21, 2015, 05:24:27 AM |
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Just read this analysis of the legality of Auroracoin and Bitcoin in Iceland by Dr. Peter Roudik of the Global Legal Research Center : http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205404097_text If I am reading this right, Auroracoin is not recognised and cannot be used in payment of goods or services in Iceland. At all. It can't also be traded on exchanges based outside of Iceland or with non-Icelandic clients, since the Icelandic krona cannot leave the country (as per the Icelandic Foreign Exchange Act). I think the devs have very limited options with Auroracoin, and one wrong statement or move could see them breaking Icelandic laws. So what is the end game, here? Surely this is all not a matter of speculation? This is just not correct. Either based on false information or misinterpretation of facts. Cryptocurrencies are not by any means illegal in Iceland nor is there any restrictions to use it to trade goods and services. We are setting up an exchange here in Iceland where Icelandic people can buy and sell Auroracoin for ISK. Before we went ahead with that we had our lawyers send out official letters to The Central Bank of Iceland, The Financial Supervisory Authority and the Directorate of Internal Revenue (IRS). Each gave us an official reply back stating what we already knew as I have talked to them directly before but this was to make it official. What it stated:They don't consider cryptocurrencies to be a legal currency as that requires that a consumer must be able to have a claim to an central issuer of a currency according to laws nr.120/2011. Current laws of Iceland do not protect consumers for possible loss of cryptocurrencies in case an exchange that holds consumers cryptocurrencies fails their duty or in case a payment goes into the wrong hands. Now the part that is the source of all the misinterpretation and misunderstanding.Icelandic laws do not require that any special permission needs to be given from the central bank for trade with cryptocurrencies. However the central bank states that when it comes to currency trade the central bank has their role according to laws nr. 87/1992 and that applies to cryptocurrencies like anything else. It is the central banks view that there is no authorisation to buy foreign currency of an financial institution in Iceland nor to move foreign currency out of the country in regards to business with cryptocurrencies. Current laws do not assume any other possible intervention of the central bank for the type of business that you describe in your request other than what is stated in this letter. We got the same answers from the other institutes all pointing towards a joint statement they did at the time of Auroracoins initial release. That statement holds pretty much the same as the official letters we got back from them. The Financial Supervisory Authority http://www.fme.is/utgefid-efni/frettir-og-tilkynningar/frettir/nr/2041The Central Bank of Iceland http://www.sedlabanki.is/utgefid-efni/frettir-og-tilkynningar/frettasafn/frett/2014/03/19/Advorun-til-almennings-um-syndarfe-e.-virtual-currencies/http://www.sedlabanki.is/utgefid-efni/frettir-og-tilkynningar/frettasafn/frett/2014/03/19/Notkun-syndarfjar-getur-fylgt-mikil-ahaetta/Directorate of Internal Revenue http://www.fme.is/utgefid-efni/frettir-og-tilkynningar/frettir/nr/2041Ministry of the Interior http://www.innanrikisraduneyti.is/frettir/nr/28881Ministry of Finance and Economic Affairs http://www.fjarmalaraduneyti.is/frettir/nr/17813So what this translates to is that there are no restrictions for people in Iceland to buy, own or trade cryptocurrencies. It only states that we do not get an exception from the currency restrictions and buy foreign currency for the purpose to buy cryptocurrency. Meaning that it applies to cryptocurrencies like anything else here in Iceland. All these links to laws and articles are in Icelandic but for those of you not speaking Icelandic I would think Google translate should give accurate enough information. If this is the case, then someone should get in touch with Dr. Roudik and brief him of the facts. The Library of Congress is an important resource for American lawmakers, world policymakers, journalists and students - more so its branch, the Law Library of Congress. Imagine how many people are laboring under the assumption that Auroracoin is without any utility. If Dr. Roudik is sufficiently convinced, who knows, he might write a new analysis and the LoC could be updated. There are only three cryptos (Bitcoin, Litecoin and Auroracoin) mentioned in the entire LoC - the biggest library in the world, containing over 158 million books and documents. Take advantage of this rather than allowing statements like " they cannot currently be used for payment of goods or services in Iceland" go uncorrected. All I am going to say is that when the government figures out that people are using AUR to get into bitcoin and get funds out the country those 3 foundation members better be out of the country. The price will skyrocket but we don't want these guys who are breaking the law to make us money to go to prison. You are living in la la land if you think you there won't be consequences. It's no wonder 70% of the team is not even Icelandic and sitting comfy in their own countries. Make sure your 3 foundation members get out of Iceland when that exchange goes up! |
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Auroracoin (OP)
Jr. Member
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Activity: 61
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May 21, 2015, 06:49:11 AM |
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May I suggest to create another thread ''trading oriented'' ? I've been a daytrader myself - and enjoyed it a lot !
I saw the other one on Auroracoin forum, but btctalk is more accessible to me, so I made: [AUR] Auroracoin market observerI'll ask the team to add this to the OP. Thanks, mate! -Fuse Added... Thanks for setting this up Molecular! |
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YarkoL
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Activity: 996
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May 21, 2015, 07:01:21 AM
Last edit: May 21, 2015, 07:18:42 AM by YarkoL |
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If this is the case, then someone should get in touch with Dr. Roudik and brief him of the facts. The Library of Congress is an important resource for American lawmakers, world policymakers, journalists and students - more so its branch, the Law Library of Congress. Imagine how many people are laboring under the assumption that Auroracoin is without any utility. If Dr. Roudik is sufficiently convinced, who knows, he might write a new analysis and the LoC could be updated. There are only three cryptos (Bitcoin, Litecoin and Auroracoin) mentioned in the entire LoC - the biggest library in the world, containing over 158 million books and documents. Take advantage of this rather than allowing statements like " they cannot currently be used for payment of goods or services in Iceland" go uncorrected.
The portion in Roudik's article that you allude to, goes like this, emphases mine: The present use of Auroracoins has been dubbed limited , as they cannot currently be used for payment of goods or services in Iceland. Instead, commentators claim, the digital currency will be used simply for speculation. (Daniel Cawrey, How Auroracoin Is Forcing Digital Currency Discussion in Iceland, COINDESK (May 1, 2014).) He is reporting the situation as it was, namely that no suppliers of goods and services accept AUR at the moment, hence the coins cannot be used for purchases. He then goes on to cite the widespread view that the use of alternative cryptocurrency such as AUR is mainly for speculative purposes. He is not making any claim about goverment restricting the use of AUR here. Also I think a lot of people are confused about what "legal currency" means here. ISK is a legal currency, dollar is a legal currency. If a currency is not "legal", it does not mean that it is illegal in the sense of "not permitted to use". It means that it is not backed by laws, and lacks the official state protection. You use non-legal currency at your own risk, and this point is stressed in the official publication of the Central Bank of Iceland, and indeed in most central bank statements about cryptocurrency. The notable difference with Auroracoin and Iceland, compared to other cryptos, are the tight capital controls that try to prevent leaking of national currency abroad, but as said before, it does not have bearing on actual use of AUR in exchanging goods and services, although it does hinder speculative investment within Iceland. Or such is my understanding at least. |
“God does not play dice"
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apcoins
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May 21, 2015, 08:41:18 AM |
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Just read this analysis of the legality of Auroracoin and Bitcoin in Iceland by Dr. Peter Roudik of the Global Legal Research Center : http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205404097_text If I am reading this right, Auroracoin is not recognised and cannot be used in payment of goods or services in Iceland. At all. It can't also be traded on exchanges based outside of Iceland or with non-Icelandic clients, since the Icelandic krona cannot leave the country (as per the Icelandic Foreign Exchange Act). I think the devs have very limited options with Auroracoin, and one wrong statement or move could see them breaking Icelandic laws. So what is the end game, here? Surely this is all not a matter of speculation? This is just not correct. Either based on false information or misinterpretation of facts. Cryptocurrencies are not by any means illegal in Iceland nor is there any restrictions to use it to trade goods and services. We are setting up an exchange here in Iceland where Icelandic people can buy and sell Auroracoin for ISK. Before we went ahead with that we had our lawyers send out official letters to The Central Bank of Iceland, The Financial Supervisory Authority and the Directorate of Internal Revenue (IRS). Each gave us an official reply back stating what we already knew as I have talked to them directly before but this was to make it official. What it stated:They don't consider cryptocurrencies to be a legal currency as that requires that a consumer must be able to have a claim to an central issuer of a currency according to laws nr.120/2011. Current laws of Iceland do not protect consumers for possible loss of cryptocurrencies in case an exchange that holds consumers cryptocurrencies fails their duty or in case a payment goes into the wrong hands. Now the part that is the source of all the misinterpretation and misunderstanding.Icelandic laws do not require that any special permission needs to be given from the central bank for trade with cryptocurrencies. However the central bank states that when it comes to currency trade the central bank has their role according to laws nr. 87/1992 and that applies to cryptocurrencies like anything else. It is the central banks view that there is no authorisation to buy foreign currency of an financial institution in Iceland nor to move foreign currency out of the country in regards to business with cryptocurrencies. Current laws do not assume any other possible intervention of the central bank for the type of business that you describe in your request other than what is stated in this letter. We got the same answers from the other institutes all pointing towards a joint statement they did at the time of Auroracoins initial release. That statement holds pretty much the same as the official letters we got back from them. The Financial Supervisory Authority http://www.fme.is/utgefid-efni/frettir-og-tilkynningar/frettir/nr/2041The Central Bank of Iceland http://www.sedlabanki.is/utgefid-efni/frettir-og-tilkynningar/frettasafn/frett/2014/03/19/Advorun-til-almennings-um-syndarfe-e.-virtual-currencies/http://www.sedlabanki.is/utgefid-efni/frettir-og-tilkynningar/frettasafn/frett/2014/03/19/Notkun-syndarfjar-getur-fylgt-mikil-ahaetta/Directorate of Internal Revenue http://www.fme.is/utgefid-efni/frettir-og-tilkynningar/frettir/nr/2041Ministry of the Interior http://www.innanrikisraduneyti.is/frettir/nr/28881Ministry of Finance and Economic Affairs http://www.fjarmalaraduneyti.is/frettir/nr/17813So what this translates to is that there are no restrictions for people in Iceland to buy, own or trade cryptocurrencies. It only states that we do not get an exception from the currency restrictions and buy foreign currency for the purpose to buy cryptocurrency. Meaning that it applies to cryptocurrencies like anything else here in Iceland. All these links to laws and articles are in Icelandic but for those of you not speaking Icelandic I would think Google translate should give accurate enough information. If this is the case, then someone should get in touch with Dr. Roudik and brief him of the facts. The Library of Congress is an important resource for American lawmakers, world policymakers, journalists and students - more so its branch, the Law Library of Congress. Imagine how many people are laboring under the assumption that Auroracoin is without any utility. If Dr. Roudik is sufficiently convinced, who knows, he might write a new analysis and the LoC could be updated. There are only three cryptos (Bitcoin, Litecoin and Auroracoin) mentioned in the entire LoC - the biggest library in the world, containing over 158 million books and documents. Take advantage of this rather than allowing statements like " they cannot currently be used for payment of goods or services in Iceland" go uncorrected. All I am going to say is that when the government figures out that people are using AUR to get into bitcoin and get funds out the country those 3 foundation members better be out of the country. The price will skyrocket but we don't want these guys who are breaking the law to make us money to go to prison. You are living in la la land if you think you there won't be consequences. It's no wonder 70% of the team is not even Icelandic and sitting comfy in their own countries. Make sure your 3 foundation members get out of Iceland when that exchange goes up!So you are saying if i sell aur to friend and he decides to change it to bitcoin on a foreign exchange i will go to jail? We 3 foundation members stated in the op will be staying here in iceland and have no plans of moving (it´s a great place to live  ). Hope no one i have handed money to in the past has done anything illegal with them, if so i might be spending a lot of time in jail by your definition. |
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dinobotta
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May 21, 2015, 09:08:58 AM |
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All I am going to say is that when the government figures out that people are using AUR to get into bitcoin and get funds out the country those 3 foundation members better be out of the country.
It is the same with crypto as with any other commodity. You can buy fish here in Iceland for ISK on the open market, export it, for the sole purpose of selling it for foreign currency. But then when you have foreign currency the currency controls kick in and force you to exchange the currency to ISK within a few days. So if you buy Auroracoin or Bitcoin for ISK, then sell it for USD, you must exchange the USD back to ISK to apply with the currency control laws in Iceland. On the other hand if the purpose of you buying Auroracoin is to use it as currency within Iceland and never trade it for foreign currency, the currency controls laws do not apply. You are living in la la land if you think you there won't be consequences.
I'm sure there will be consequences for those that will use Auroracoin to circumvent the currency control laws, but not for those that have the intention to use it for commerce in Iceland. I'm also sure that parliament will copy/paste European laws regarding crypto when the EU has created these laws. |
"Lost coins only make everyone else’s coins worth slightly more. Think of it as a donation to everyone". Satoshi Nakamoto
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Rw13enlib88
Legendary
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Activity: 2142
Merit: 1025
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May 21, 2015, 01:57:57 PM |
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Block time?
Confirmations?
Block reward?
Total coins?
Premined 50% of total = 4.5 million, that makes 9 million but blockchain explorer says 12,136,949
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Rw13enlib88
Legendary
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Activity: 2142
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May 21, 2015, 02:20:45 PM |
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the twitter accounts @auroracoinIS and @CoinAurora are probably the most followed profiles in the crypto space, but not active for almost a year.
can we take them back and keep working with them??
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Rw13enlib88
Legendary
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Activity: 2142
Merit: 1025
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May 21, 2015, 02:23:00 PM |
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soltantgris
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May 21, 2015, 02:31:26 PM |
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the twitter accounts @auroracoinIS and @CoinAurora are probably the most followed profiles in the crypto space, but not active for almost a year.
can we take them back and keep working with them??
I would enjoy to get these back. If anyone knows how - feel free to help - i'm a Twitter guys - and may help handling these accounts. |
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molecular
Donator
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Activity: 2772
Merit: 1019
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May 21, 2015, 07:22:12 PM |
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Block time?
Confirmations?
Block reward?
Total coins?
Premined 50% of total = 4.5 million, that makes 9 million but blockchain explorer says 12,136,949
where did you get 4.5 million premine? It was 10.5 million, I think. 5.344 million AUR got burned: http://explorer.auroracoin.eu/address/AURburnAURburnAURburnAURburn7eS4Rfrocananz summarized some numbers a while back, maybe that clears it up for you? I was curious how many coins from premine addresses will be destroyed, so i did the math We are talking about 5.344.627 AUR coins. This means that 15.655.373 AUR coins will ever be in circulation. From the 12.026.563AUR generated coins until present time, 1.000.000AUR from premine was moved to a new address belonging to the Auroracoin Foundation. Today the number of "owned" AUR coins are: 6.681.936AUR But if we subtract the 1.000.000 AUR coins belonging to the Auroracoin Foundation the number of "owned" AUR coins today is: 5.681.936AURThe number of coins that are going to be mined from now until the year 2140, when all the coins will be generated is 8.973.424AUR Correct me if i'm wrong  |
PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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Rw13enlib88
Legendary
Offline
Activity: 2142
Merit: 1025
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May 21, 2015, 07:33:26 PM |
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Block time?
Confirmations?
Block reward?
Total coins?
Premined 50% of total = 4.5 million, that makes 9 million but blockchain explorer says 12,136,949
where did you get 4.5 million premine? It was 10.5 million, I think. 5.344 million AUR got burned: http://explorer.auroracoin.eu/address/AURburnAURburnAURburnAURburn7eS4Rfrocananz summarized some numbers a while back, maybe that clears it up for you? I was curious how many coins from premine addresses will be destroyed, so i did the math We are talking about 5.344.627 AUR coins. This means that 15.655.373 AUR coins will ever be in circulation. From the 12.026.563AUR generated coins until present time, 1.000.000AUR from premine was moved to a new address belonging to the Auroracoin Foundation. Today the number of "owned" AUR coins are: 6.681.936AUR But if we subtract the 1.000.000 AUR coins belonging to the Auroracoin Foundation the number of "owned" AUR coins today is: 5.681.936AURThe number of coins that are going to be mined from now until the year 2140, when all the coins will be generated is 8.973.424AUR Correct me if i'm wrong I didnt read correctly this Then the last phase started on November 25th 2014, enabling Icelanders again to claim coins, only this time up to 636 Auroracoins. Again a massive 1.6 million coins were claimed totaling the entire amount of airdropped coins to almost 4.5 million, a little less then 50% of the total pre-mined coins. Thanks for the numbers! |
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TheSignsGuy
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May 21, 2015, 08:00:31 PM |
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Block time?
Confirmations?
Block reward?
Total coins?
Premined 50% of total = 4.5 million, that makes 9 million but blockchain explorer says 12,136,949
Some of this is by memory, so hopefully I will answer correctly your questions: Block time at a few minutes, but have seen it take a little longer when transferring lately. I believe 6 confirmations before it confirms in the wallet (to lazy to open it up to double-check at the moment). Block reward has been halved down currently to 12.5 AUR. (not sure of the ultimate halving schedule timing though) Total coins to be mined 21,000,000. 10,500,000 were premined, leaving the balance to be mined. The block explorer showing the 12,136,949 doesn't take into account the burned coins (5344628.347) left over from the distribution. So there should be a total of about 6,793,000 in circulation at this time, with another 8,863,000 approximately to mine according to my calculations. Somebody please chime in and correct me if I am in error. |
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Whistleblowa
Newbie
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Activity: 31
Merit: 0
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May 22, 2015, 12:21:23 AM |
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I have made contact with a government official in Iceland and will be mailing her all the details about AUR and if it will be legal to implement the ISK/AUR exchange. I will be mentioning you can use AUR to buy bitcoin but also that it will be used mainly for use in Iceland. Should have answer back next month, I will also be giving the details of the 3 foundation members. Once I have feedback from her I will inform the community to let you know what the real situation is so you more informed. Please can the foundation members PM me your numbers and email addresses so she can get in contact with you to find out more information. Pétur Árnason (IC) - Chairman of the Aurarad foundation Hermann Finnbjörnsson (IC) - Boardmember of the Aurarad foundation Hlynur Þór Björnsson (IC) - Boardmember of the Aurarad foundation Will this email address aurarad@aurarad.is be fine ? |
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apcoins
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May 25, 2015, 02:29:28 PM |
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I have made contact with a government official in Iceland and will be mailing her all the details about AUR and if it will be legal to implement the ISK/AUR exchange. I will be mentioning you can use AUR to buy bitcoin but also that it will be used mainly for use in Iceland. Should have answer back next month, I will also be giving the details of the 3 foundation members. Once I have feedback from her I will inform the community to let you know what the real situation is so you more informed. Please can the foundation members PM me your numbers and email addresses so she can get in contact with you to find out more information. Pétur Árnason (IC) - Chairman of the Aurarad foundation Hermann Finnbjörnsson (IC) - Boardmember of the Aurarad foundation Hlynur Þór Björnsson (IC) - Boardmember of the Aurarad foundation Will this email address aurarad@aurarad.is be fine ? Sure, use this email. I can also save you the trouble and send you the answer we got from The Central Bank of Iceland, also see the quote here below. Just read this analysis of the legality of Auroracoin and Bitcoin in Iceland by Dr. Peter Roudik of the Global Legal Research Center : http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205404097_text If I am reading this right, Auroracoin is not recognised and cannot be used in payment of goods or services in Iceland. At all. It can't also be traded on exchanges based outside of Iceland or with non-Icelandic clients, since the Icelandic krona cannot leave the country (as per the Icelandic Foreign Exchange Act). I think the devs have very limited options with Auroracoin, and one wrong statement or move could see them breaking Icelandic laws. So what is the end game, here? Surely this is all not a matter of speculation? This is just not correct. Either based on false information or misinterpretation of facts. Cryptocurrencies are not by any means illegal in Iceland nor is there any restrictions to use it to trade goods and services. We are setting up an exchange here in Iceland where Icelandic people can buy and sell Auroracoin for ISK. Before we went ahead with that we had our lawyers send out official letters to The Central Bank of Iceland, The Financial Supervisory Authority and the Directorate of Internal Revenue (IRS). Each gave us an official reply back stating what we already knew as I have talked to them directly before but this was to make it official. What it stated:They don't consider cryptocurrencies to be a legal currency as that requires that a consumer must be able to have a claim to an central issuer of a currency according to laws nr.120/2011. Current laws of Iceland do not protect consumers for possible loss of cryptocurrencies in case an exchange that holds consumers cryptocurrencies fails their duty or in case a payment goes into the wrong hands. Now the part that is the source of all the misinterpretation and misunderstanding.Icelandic laws do not require that any special permission needs to be given from the central bank for trade with cryptocurrencies. However the central bank states that when it comes to currency trade the central bank has their role according to laws nr. 87/1992 and that applies to cryptocurrencies like anything else. It is the central banks view that there is no authorisation to buy foreign currency of an financial institution in Iceland nor to move foreign currency out of the country in regards to business with cryptocurrencies. Current laws do not assume any other possible intervention of the central bank for the type of business that you describe in your request other than what is stated in this letter. We got the same answers from the other institutes all pointing towards a joint statement they did at the time of Auroracoins initial release. That statement holds pretty much the same as the official letters we got back from them. The Financial Supervisory Authority http://www.fme.is/utgefid-efni/frettir-og-tilkynningar/frettir/nr/2041The Central Bank of Iceland http://www.sedlabanki.is/utgefid-efni/frettir-og-tilkynningar/frettasafn/frett/2014/03/19/Advorun-til-almennings-um-syndarfe-e.-virtual-currencies/http://www.sedlabanki.is/utgefid-efni/frettir-og-tilkynningar/frettasafn/frett/2014/03/19/Notkun-syndarfjar-getur-fylgt-mikil-ahaetta/Directorate of Internal Revenue http://www.fme.is/utgefid-efni/frettir-og-tilkynningar/frettir/nr/2041Ministry of the Interior http://www.innanrikisraduneyti.is/frettir/nr/28881Ministry of Finance and Economic Affairs http://www.fjarmalaraduneyti.is/frettir/nr/17813So what this translates to is that there are no restrictions for people in Iceland to buy, own or trade cryptocurrencies. It only states that we do not get an exception from the currency restrictions and buy foreign currency for the purpose to buy cryptocurrency. Meaning that it applies to cryptocurrencies like anything else here in Iceland. All these links to laws and articles are in Icelandic but for those of you not speaking Icelandic I would think Google translate should give accurate enough information. |
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Danslip
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May 25, 2015, 05:14:08 PM |
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KenChanYu and Ltex taking some profits? Hope they both full their bags with more coins to keep the price above 15000.
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LTEX
Legendary
Offline
Activity: 1023
Merit: 1000
ltex.nl
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May 25, 2015, 07:09:03 PM |
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KenChanYu and Ltex taking some profits? Hope they both full their bags with more coins to keep the price above 15000.
Last time I sold some AUR was over a year ago, buying ever since... |
A fool will just look at the finger, even if it points to paradise!
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molecular
Donator
Legendary
Offline
Activity: 2772
Merit: 1019
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May 25, 2015, 08:39:17 PM |
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KenChanYu and Ltex taking some profits? Hope they both full their bags with more coins to keep the price above 15000.
No need to attribute the correction to specific people selling. It's just market behaviour. After the 6-fold increase, we corrected to fib level 61%. 80% might be in the cards (that'd be 0.00012), but I doubt it. Support is strong. |
PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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coinomat.com
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May 27, 2015, 12:38:04 PM
Last edit: June 13, 2015, 09:26:16 PM by coinomat.com |
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VOTE FOR Vote for Auroracoin to be added at Coinomat.com https://coinomat.com/coinvoting.phpCoinomat.com offers bank transfers, withdrawals to Visa/Master cards, and custom debit cards for all the cryptocurrencies on its platform. On top of that, instant exchanges to all supported cryptocurrencies and e-currencies are available. Coinomat.com pioneered instant crypto to crypto exchange in 2013 and now also offers various crypto to fiat solutions to provide additional liquidity for supported cryptocurrencies. Coinomat was the first project to offer this and it will always remain our top priority. Normally, to withdraw to a bank account you need someone to send you the funds from their local bank, so it can be a problem if there aren't many local exchanges happening. Traditionally, transfer costs are a hassle, can cost up to 3% of the amount and take 2-3 business days. With Coinomat you can easily send funds to any Visa or Master card in the world instantly, with no wait time. Various fiat exchange features: - Instant exchanges to all other cryptos on our platform.
- Withdrawal to any Visa or Master card issued by any bank in the world.
*This is a great way to provide your coin with liquidity, especially for users who live in the countries with less crypto exposure.
Crypto purchasing and selling with bank transfer If you need to buy altcoins with bank transfers it can be a real problem and there arn't a lot of providers out there. We enable our users to load their Coinomat account with a bank transfer and buy any coin we support. To mitigate volatility effects, first the account is credited and only after that, a user can purchase the crypto of his choice. Transfers from most countries are accepted (except for US) Withdrawal to a custom bank card We offer custom debit cards which can be loaded with cryptocurrency and work in ATM's all over the world. Card costs $40 and are delivered within a week after successful order (users need to provide Personal ID and Proof of residence). The card is not tied to a personal bank account and works more like stored value card. After the card is delivered, a user is able to load it from their Coinomat account. Offering these services, we cover basically all major ways to buy and sell your crypto. Liquidity is what the cryptocurrency scene is lacking at the moment, and providing more fiat liquidity can be a great popularity booster for Bitshares. |
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Danslip
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May 28, 2015, 03:06:20 AM |
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KenChanYu and Ltex taking some profits? Hope they both full their bags with more coins to keep the price above 15000.
Last time I sold some AUR was over a year ago, buying ever since... Can you push the price above 30k again just before the OSX wallets are compiled to bring the coin more attention? |
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