Topic: [ANN][NOTE]DNotes - Celebrating DNotes 3rd Birthday - Forum Now Open - page 64. (Read 814547 times)

Commonwealth Countries 1  vs.  Russia 0


Commonwealth Pushes Member Countries to Declare Bitcoin Legal

The Commonwealth of Nations has released a new report that calls on its 53 member countries to speak out about the legality of bitcoin and other digital currencies.

Published on 3rd February, the report is the result of nearly a year of research conducted by the Commonwealth through its Working Group on Virtual Currencies. The group was commissioned following a roundtable event convened last February by the Commonwealth Secretariat, its main governmental body.

The report found that of the countries under its mandate, only Bangladesh had deemed that bitcoin and alternative digital currencies were unlawful, and that even after this declaration, such activity continues unabated.

With this in mind, it concluded that member countries make a "positive determination on the legality of virtual currencies" given its conclusion that the "prohibition of virtual currencies is unlikely to be effective."

The report reads:

"Financial regulators and central banks should consider making public statements on the legality of virtual currencies and the applicability of any existing legislative frameworks. Education and funding should be provided for training for law enforcement."

Overall, the report provides a comprehensive overview of developments in the bitcoin and blockchain ecosystem, with sections ranging in coverage from its more positive use cases in payments and remittances to the use of the technology in cybercrime.

Concurrent with member country concerns about crime, researchers even attempted to access a "dark web crawler" for purposes of the report. However, due to delays in the acquisition of this resource, any findings were too early to be included.

The Commonwealth of Nations includes 53 states in Africa, Asia the Caribbean, Europe and the Pacific, including such notable markets as Australia, Canada, India and South Africa.

Regulatory recommendations

On the subject of criminal offenses, the report recommended that member states move to ensure their laws apply to the technology while collaborating more broadly with other regulators around the globe.

The report advised that regulations be applied as necessary to prevent money laundering and terrorist financing, pointing out that, to date, this has meant overseeing ATM and exchange-related services.

However, the paper acknowledged lawmakers would need to take an "innovative" approach to any rulemaking, given that crimes can still be committed by digital currency users who are not converting funds into government-backed currencies.

The paper went on to encourage member states to make public statements on how the use of digital currencies falls under tax laws when they are used as a medium of exchange; update legislation related to the proceeds of crime; and extend consumer protection frameworks to cover the industry.

Regulation was notably not recommended for distributed ledger use cases of the technology, as the report read:

"Any regulatory and legislative frameworks should focus on interactions with fiat currencies and avoid attempting to regulate the underlying decentralised ledger technology."

Evidence of use

More unique to the report was its attempt to quantify how widely used the technology is in Commonwealth member countries.

Using public sources, researchers ultimately found evidence that the basic Bitcoin Core wallet had been downloaded in 46 member states, though use varied sharply.

While the report acknowledged it suffered from a lack of available data, it did suggest that bitcoin use is correlated with Internet access, with the "countries with the highest levels of Internet penetration" having the highest wallet downloads.

http://www.coindesk.com/commonwealth-member-countries-bitcoin-legal/?utm_content=buffer1a728&utm

Great job wiser, you brought up a lot of good points and it is written very analytical.

Thanks, for bringing it to our attention.

Looks like these guys are still around. Any plans to register "DNotes" as a trademark?

http://dnote.me/

Here is Part II of the article I posted two days ago. I won't post them here any more for the time being, but you can follow the tread on CryptoMoms if you want to read more

http://cryptomoms.com/forum/general-discussion/9/introducing-my-blog-creative-currencies/980/msg6039#msg6039

It just goes to show that despite everything, the Russian government is still communist.

This is a extreme, Russian Finance Ministry Proposes a 2-Year Prison Sentence for Bitcoin Adopters. It is gross that any government can enforce such rules on its people in today's world.

Experts of the Russian Interior Ministry and financiers believe that the use of surrogate money threatens not only the Russian economy, but also national security.

Therefore, the Russian Finance Ministry has developed amendments to the Criminal Code, which propose to introduce responsibility for issuing cryptocurrency – fined in the amount of half a million rubles, or sent to correctional work for up to two years.

This could cause some serious pain worldwide. Personally, I believe that the probability of a recession in the next 12 months is significantly higher than 50%.

Deutsche Bank fixed income analysts said:
"Based on their analysis of Treasury yield spreads, adjusted for current artificially low yields, they place the probability of a recession in the next 12 months at 46%. That’s well above the Federal Reserve’s model, which estimates a 4% probability of recession".

http://dcebrief.com/european-commission-plans-new-consumer-regs-against-bitcoin-use-to-fight-terrorism/

RBC Capital Markets has notified their clients that in a worst case scenerio recession, stock prices could tumble 50%. Instinct is telling me that they can see the writing on the wall that the banks will not get away with what they pulled off leading up to the last recession, and are protecting themselves by warning their customers.



Recession risks warn of ‘severe’ drop in the stock market

http://www.marketwatch.com/story/recession-risks-warn-of-severe-drop-in-the-stock-market-2016-02-02?siteid=rss

Thank you for the explanation. It may take a few more years but that ratio will get close to 50% with some leadership rotations. Despite Bitcoin going up and down, its dominance will remain for a long time.

Mea culpa, Dyna. Here is the context that makes the figure helpful:

from memory, there were 32 coins indexed on Coinmarketcap when IndiaMikeZulu bought its first Bitcoin, in May, 2013. The Big Spike began late that year, and the number of alts increased by literally hundreds. Well, somewhere during the spike, we noted that the alt-to-Btc ratio had rocketed to . . . 24%??

Then The Big Un-Spike began; and at times in 2014-15, the ratio fell to 2%. I personally foresee the ratio ultimately settling around 30%. For the first couple of months of the 'revival' 'organic' increase in Bitcoin's price, the alt ratio stayed stubbornly at around 8%.

WTS.

Great article Evander!

"If you hold Bitcoins as an asset, you must treat them as property for tax purposes. Like stocks or bonds, any gain or loss from the sale or exchange of the asset is taxed as a capital gain or loss."

We are fortunate in Canada, in that capital gains are taxed at one half the rate of regular income.

Not sure what to make of it. There are a lot of new names added to CoinMarketCap top 50s.

DNotes is trending up. Being sustainable is more important. It is better if it doesn't go up too much too fast, even though it is still significantly undervalued.

Interesting, was it 8% just a couple weeks ago?

Alt-cap-to-Btc-cap has snuck over 12%.

Appreciate the confidence MrZillion. We are working hard on the back end to make 2016 our breakout year. Alan is putting essentially what is the summation of life's work into a book and putting it all on the line for DNotes.

From what I can tell you have a strong coin, went up to 7k sat, then down because of strong BTC demand. I see the deepest dip in the rear view mirror and a steady upwards curve ahead. Let's continue the trend

Welcome MrZillion, noticed over the past couple of days there has been some buying and the price is fighting it's way back up.

Some serious buying activities on Polo, looks like some confidence is returning