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2014-12-01 Crypto-Timeline

Here is a log with relevant legal, regulatory, law enforcement and business risk milestones in the race of crypto-currencies to maturity with links to trusted sources.

This November was an extremely quiet month -only four meaningful events, a 19-month low!

The  Key NOVEMBER 2014 Crypto-Events were:

• 11/9/14 – French regulators focus on bitcoin’s risks instead of its rewards
• 11/10/14 – Russia lowers proposed penalties for bitcoin activities
• 11/19/14 – Finland classifies bitcoin as VAT-exempt financial service
• 11/29/14 – Spanish Treasury says bitcoin gambling websites need to obtain licensing

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2014-11-01 Crypto-Timeline

Here is a log with relevant legal, regulatory, law enforcement and business risk milestones in the race of crypto-currencies to maturity with links to trusted sources.

This October was an extremely quiet month.  The number of crypto-events reached a 17-month low.

The  Key OCTOBER 2014 Crypto-Events were:

• 10/6/14 – Central banks of Serbia and Portugal warn bitcoin users
• 10/9/14 – Phillipine government bill could pave way for bitcoin-backed money
• 10/12/14 – European prosecutors launch project to combat online dark markets
• 10/27/14 – FinCEN rules Bitcoin payment processors, exchanges are money transmitters
• 10/28/14 – Norwegian banks say no to Bitcoin businesses; Justcoin exchange closes

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2014-10-01 Crypto-Timeline

Here is a log with relevant legal, regulatory, law enforcement and business risk milestones in the race of crypto-currencies to maturity with links to trusted sources.

September was also a very quiet month.  The number of crypto-events reached a 14-month low.

The  Key SEPTEMBER 2014 Crypto-Events were:

• 9/11/14 – Bank of England: Bitcoin could disrupt UK monetary policy
• 9/11/14 – Spain cracks down on bitcoin gambling loopholes
• 9/16/14 – Bangladesh Central Bank: cryptocurrency use is a ‘punishable offense’
• 9/21/14 – Spain considering Bitcoin as an electronic payment system
• 9/22/14 – Belgian tax body: Bitcoin trades not subject to VAT
• 9/23/14 – US government shuts down embattled mining firm Butterfly Labs
• 9/24/14 – Liberty Reserve IT manager pleads guilty to money laundering charges
• 9/26/14 – Swedish Central Bank research: bitcoin hasn’t affected the economy

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2014-09-01 Crypto-Timeline

Here is a log with relevant legal, regulatory, law enforcement and business risk milestones in the race of crypto-currencies to maturity with links to trusted sources.

Quite an uneventful month this past one has been.  The number of crypto-events reached a 13-month low.  Could it be that Bitcoin is finally getting “boring?”

The  Key AUGUST 2014 Crypto-Events were:

• 8/4/14 – France inches closer to Bitcoin regulation
• 8/4/14 – Kyrgyzstan: Bitcoin payments violate state law
• 8/5/14 – Russian Ministry of Finance drafts bill banning Bitcoin
• 8/5/14 – Argentina’s only bitcoin exchange loses its bank accounts
• 8/11/14 – US CFPB now accepting complaints against bitcoin businesses
• 8/14/14 – Singapore head regulator: digital currencies ‘have a role to play’ despite risks
• 8/15/14 – Hackers steal $1.65 million in NXT from BTER exchange
• 8/19/14 – Australia issues guidance on bitcoin taxation
• 8/27/14 – Australian government portal publishes bitcoin business guidelines

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2014-08-01 Crypto-Timeline

Here is a log with relevant legal, regulatory, law enforcement and business risk milestones in the race of crypto-currencies to maturity with links to trusted sources.

The  Key JULY 2014 Crypto-Events were:

• 7/2/14 – Russia’s Central Bank says bitcoin could have future, warns on regulation
• 7/3/14 – Irish central banker envisions hybrid bitcoin-fiat future
• 7/4/14 – European Banking Authority: financial institutions should avoid Bitcoin, await regulations
• 7/7/14 – French police arrest bitcoin dealers
• 7/8/14 – Michigan Attorney General: Bitcoin poses ‘real-life risk’ for investors
• 7/9/14 – Polish finance minister: bitcoin can be used as financial instrument
• 7/10/14 – Argentinian money regulator mandates reporting bitcoin activity
• 7/11/14 – Italian authorities issue new bitcoin warnings, urge regulation
• 7/11/14 – France plans transparency rules for bitcoin businesses
• 7/12/14 – Congressional candidate disavows dollar, only takes bitcoin donations
• 7/17/14 – Dutch legal service given authority to confiscate bitcoins
• 7/17/14 – Bitcoin industry leaders sound off on New York BitLicense proposal
• 7/21/14 – Isle of Man clarifies regulation for digital currency businesses
• 7/22/14 – The real reason banks don’t like bitcoin
• 7/23/14 – Sweden asks EU to rule on bitcoin taxation
• 7/25/14 – Ecuador bans bitcoin, plans own digital money
• 7/25/14 – Austria offers ‘contradictory’ guidance on bitcoin’s financial status
• 7/30/14 – New Zealand bitcoin ATM operator shuts down after bank refusals
• 7/30/14 – Tokyo police launch investigation into missing Mt. Gox Bitcoin

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2014-07-01 Crypto-Timeline

Here is a log with relevant legal, regulatory, law enforcement and business risk milestones in the race of crypto-currencies to maturity with links to trusted sources.

The  Key JUNE 2014 Crypto-Events were:

• 6/2/14 – Dutch Central Bank warns banks and payment institutions about virtual currency risks
• 6/4/14 – Swiss regulators block Zurich bitcoin ATM launch
• 6/6/14 – European central bankers argue digital currency requires institutional control
• 6/10/14 – Isle of Man outlines plan for digital currency regulation
• 6/12/14 – Feds to auction $17.4 million in bitcoin from Silk Road
• 6/17/14 – US judge approves Mt.Gox’s chapter 15 bankruptcy filing
• 6/17/14 – California reminds businesses to apply sales taxes to digital currency transactions
• 6/18/14 – Swedish Central Bank acknowledges benefits of cryptocurrencies
• 6/19/14 – Bolivia’s Central Bank bans bitcoin
• 6/20/14 – Swiss regulators give green light for bitcoin ATM network
• 6/23/14 – US senator to spearhead Bitcoin public awareness effort
• 6/23/14 – Canada amends national law to regulate bitcoin
• 6/25/14 – Switzerland government report: bitcoin too insignificant for legislation
• 6/25/14 – Underfunding is leaving Bitcoin development crisis
• 6/28/14 – California governor signs bill to bring bitcoin and other currency into fold

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2014-06-01 Crypto-Timeline

Here is a log with relevant legal, regulatory, law enforcement and business risk milestones in the race of crypto-currencies to maturity with links to trusted sources.

The  Key MAY 2014 Crypto-Events were:

• 5/1/14 – Bank of Canada unconcerned about Bitcoin’s growing popularity
• 5/1/14 – Idaho releases investor advisory on digital currency
• 5/5/14 – US government to study Bitcoin as possible terrorist threat
• 5/7/14 – US SEC warns Bitcoin’s hype may put investors at risk
• 5/8/14 – Two more Chinese banks to close bitcoin trading accounts
• 5/8/14 – Dutch Central Bank: Bitcoin ‘no viable alternative’ to fiat currency
• 5/8/14 – US Federal Election Commission allows use of bitcoins for donations to political committees
• 5/9/14 – Japan makes first Bitcoin-related drug arrest
• 5/13/14 – Bank of Canada says Bitcoin could destabilize global finance
• 5/14/14 – Paying workers in bitcoins may be illegal under Swiss law
• 5/14/14 – Indiana releases Bitcoin investor advisory
• 5/14/14 – Japan Ministry to track illegal Bitcoin deals
• 5/19/14 – New Mexico state Securities Division issues consumer warning on Bitcoin
• 5/19/14 – Dutch court declares bitcoin isn’t money in civil trial
• 5/21/14 – European Central Bank: bitcoin a risky alternative to the euro
• 5/23/14 – Spanish regulation to treat taxation of bitcoin like cash
• 5/23/14 – Spanish tax authority is monitoring Bitcoin for use in illicit activities
• 5/23/14 – Maine regulators issue investor advisory on digital currencies
• 5/23/14 – German bitcoin tax proposal would sting merchants twice
• 5/26/14 – Massachusetts regulator on Bitcoin: “We want to make sure when we act we get it right”
• 5/27/14 – Polish tax authority: Bitcoin mining profits subject to 23% VAT
• 5/28/14 – Argentina Central Bank issues warning to burgeoning Bitcoin ecosystem

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2014-05-01 Crypto-Timeline

Here is a log with relevant legal, regulatory, law enforcement and business risk milestones in the race of crypto-currencies to maturity with links to trusted sources.

The  Key APRIL 2014 Crypto-Events were:

• 4/2/14 – Bitcoin digital currency exchange deemed illegal in Vietnam
• 4/3/14 – Texas momorandum outline Bitcoin exchange guidelines
• 4/4/14 – Bulgaria issues new taxation guidelines for digital currency
• 4/7/14 – Dutch regulator says Bitcoin is technology, not money
• 4/7/14 – Royal Canadian Mint ditches MintChip digital currency project
• 4/8/14 – Brazil to tax investors, not everyday users
• 4/8/14 – Bank of Japan governer: bitcoin is too unreliable to be a currency
• 4/8/14 – US Attorney General keeping and eye on Bitcoin
• 4/9/14 – National Australia Bank turns back on Bitcoin, closes accounts
• 4/10/14 – Florida bitcoin money laundering case tests the system
• 4/11/14 – Cyprus issues arrest warrant for Neo & Bee’s CEO Danny Brewster
• 4/12/14 – Chinese regulators make life hard for crypto-currencies
• 4/12/14 – Bitcoin promoter Shrem indicted in NY for money laundering
• 4/13/14 – France: Bitcoin revenues must be declared to tax authorities
• 4/23/14 – California regulators issue Consumer Advisory on Bitcoin
• 4/25/14 – Nevada regulators issue Consumer Advisory on Bitcoin
• 4/26/14 – BTC China halts renminbi account funding
• 4/28/14 – Ohio bans bitcoin for alcohol sales
• 4/29/14 – FinCEN declares Bitcoin cloud mining and escrow services are not money transmitters
• 4/30/14 – Reserve Bank of Australia: Bitcoin ‘limited risk’ to payment systems

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2014-04-01 Crypto-Timeline

Here is a log with relevant legal, regulatory, law enforcement and business risk milestones in the race of crypto-currencies to maturity with links to trusted sources.

Phew.  Short month, but no shortage of shocking news in February!

The  Key MARCH 2014 Crypto-Events were:

• 3/3/2014 – UK to cancel VAT on bitcoin trading
• 3/4/2014 – Bitcoin bank Flexcoin shuts down after theft
• 3/6/2014 – Russia’s anti-Bitcoin stance may be softening, reports say
• 3/7/2014 – Japanese government says Bitcoin “not a currency,’ forms investigation committee
• 3/10/2014 – Philippines regulator issues warning on digital currencies
• 3/10/2014 – French minister calls for EU action on Bitcoin regulation
• 3/11/2014 – New York starts accepting licence applications for digital currency exchanges
• 3/11/2014 – Bank of Mexico restricts banks from Bitcoin use, reports suggest
• 3/11/2014 – Luxembourg opens dialogue with Bitcoin businesses in new statement
• 3/13/2014 – Singapore to regulate bitcoin exchanges and ATMs
• 3/13/2014 – Bank of England: digital currencies are similar to commodities
• 3/17/2014 – Texas regulators warn about risks of ‘trendy’ digital currencies
• 3/17/2014 – Dutch official downplays law enforcement need for Bitcoin ban
• 3/17/2014 – Bundesbank board member warns agains ‘highly speculative’ Bitcoin
• 3/18/2014 – Bank of Thailand suggests Bitcoin illegal but warns against its use
• 3/19/2014 – Danish Central Bank compares bitcoins to ‘glass beads’
• 3/25/2014 – IRS says bitcoin, other convertible virtual currency to be taxed like stock
• 3/25/2014 – UK cash-for-bitcoin service ZipZap suspends BTC transactions
• 3/25/2014 – European Central Bank: Bitcoin shouldn’t be ignored or dismissed
• 3/25/2014 – UAE Department of Economic Development officials debunk Bitcoin ATM speculation in Dubai
• 3/25/2014 – Denmark declares bitcoin trades are tax-free
• 3/26/2014 – Colombia stops short of Bitcoin ban, bars banks from industry
• 3/27/2014 – Study finds Mt Gox may have lost just 386 BTC due to transaction malleability
• 3/28/2014 – Isle of Man welcomes digital currency exchanges ‘No License Required’
• 3/28/2014 – Bitcoin prices tank on rumors of China ban
• 3/29/2014 – Court grants order to freeze Hashfast’s bitcoin wallets 

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Thoughts on a Country Adopting a Bitcoin-Like Currency

[Reading Time: 7 minutes]

A few months ago, a Latin American advisory group asked me to comment on the Digital Sucre and the potential impact of a country adopting a digital or crypto currency as legal tender.  It never occurred to me that I should post the surface-scratching responses I came up with, until American Banker‘s Bailey Reutzel asked the question (here).  With the upcoming release of AuroraCoin in Iceland, and the adoption of a bitcoin clone by the Oglala Lakota Native American nation, this seems to be a good time to poke the discussion.  So here go my two cents in the hope that a few extra thoughts will be triggered.

In concept, is bitcoin more a currency or a payments system?

Bitcoin is both.  In addition, and most importantly and fundamentally, it’s also a protocol on top of which additionally functionality can be built.  The fact that Bitcoin (with a capital B) is multiple things at once is what creates most of the confusion about it.  Bitcoin is a sophisticated globally distributed asset register that, at this moment in time, is mostly being used to register value in USD or other fiat currencies.  Hence the fact that it’s Continue reading →