The blockchain industry generally agrees that some kind of a national license or charter is the best way to go, similar to the United Kingdom, where there is only one central regulator. Perianne Boring Read Quote
Businesses which were slow to recognize the power of the Internet in the mid ’90s were quickly left behind. For example, Blockbuster failed to innovate with streaming technology and filed for Chapter 11 bankruptcy in 2010. Perianne Boring Read Quote
A new product, technology, or innovation – such as Bitcoin – has the potential to give rise both to frauds and high-risk investment opportunities. Potential investors can be easily enticed with the promise of high returns in a new investment space and also may be less skeptical when assessing something novel, new, and cutting-edge. Perianne Boring Read Quote
There is no such thing as guaranteed high investment returns. Be wary of anyone who promises that you will receive a high rate of return on your investment with little or no risk. Perianne Boring Read Quote
Grief has similar side effects of alcohol consumption, such as numbness, guilt, and depression, resulting in less alert and price-sensitive customers. In addition, the funeral industry is somewhat taboo in the sense that communities in general don’t communicate with one another about what are acceptable practices in this industry. Perianne Boring Read Quote
The IRS issued guidance for virtual currencies on March 25, 2014 that stated virtual currencies, including Bitcoin, are to be treated as property for federal tax purposes. This requires capital gains on virtual currencies to be recorded and reported. The Bitcoin Foundation says this could lead to unrealistic reporting. Perianne Boring Read Quote
When you take a look at how the IRS treats foreign currency, bitcoin doesn’t have the same taxation regime. Foreign currency gains and losses generally are taxed as ordinary income. Perianne Boring Read Quote
The Cyprus Financial Crisis was a devastating blow to Cypriots and halted their banking system. Banks closed for two weeks to prevent a banking panic. When they reopened, capital controls were placed on the people’s money, and customers were met by armed guards at the branches. Perianne Boring Read Quote
FinCEN directs financial institutions to file suspicious activity reports (SARs) to inform law enforcement of certain types of cyber-enabled crime. As the agency charged with protecting the United States from financial crime, FinCEN’s guidance does not deem financial institutions who process such transactions to be involved in a criminal activity. Perianne Boring Read Quote
