Online auction giant eBay activated a new “Virtual Currency” section on their site this week. Customers are now able to purchase virtual currencies like bitcoin and various alt-coins through the site, as well as mining hardware and mining contracts. Although functionality remains limited to “classified” status on the direct currency purchases (meaning eBay takes no…
In a report published in today’s Cyprus Mail, police in Nicosia have launched a fraud investigation targeted at Neo & Bee following the sudden and dramatic collapse of the “bitcoin bank.” Two persons have filed complaints to the police alleging they paid the company cash, but have not received bitcoins in exchange. The complaints were…
Last week, a report on China’s Caixin financial news service sent wave of panic through the Chinese bitcoin community. The report, which is still unconfirmed by any official source, claimed that the People’s Bank of China would be introducing harsh new banking rules for bitcoin-related businesses on April 15. Not surprisingly, rumors and speculation have…
When the IRS announced last month that bitcoin was to treated as property, rather than as currency, many in the virtual currency community declared it a catastrophe. The panic was understandable, as capital gains taxes can be significantly more complicated to calculate, and often require the assistance of an accountant. But almost as soon as…
In a deal announced today, Swedish Swedish bitcoin exchange Safello will now officially support transactions with 86 banks in 11 countries across Europe. The development is largely due to Safello’s recent adoption of the SOFORT payment system, which allows near-instant international money transfers. Safello customers will no longer need to rely on the tediously slow…
According to Cointelegraph, Bulgaria has become the first European Union member state to officially recognize bitcoin as a currency. The decision from Bulgaria’s equivalent of the IRS, the National Revenue Agency, was published yesterday on the agency’s website in a post titled “Revenue from Bitcoin Transactions are to be Declared and Taxed.” (Google translation here.)…
One week ago, a single report from China’s Caixin newspaper brought the value of bitcoin crashing down. On March 26, bitcoin had been trading in the $580 range, struggling to recover from both long-standing uncertainty in the wake of Mt.Gox, a potentially problematic IRS ruling and a previous, officially debunked rumor that bitcoin was to…
Last week, the IRS issued new tax guidance for bitcoin, stating that the virtual currency was a form of property rather than currency. While the decision is still controversial in bitcoin circles, at least one high-profile bitcoin user appears to be delighted with the policy: Accused Silk Road mastermind Ross Ulbricht. In a new filing…
Last week, Chinese business newspaper Caixin reported that the People’s Bank of China had plans to ban all banks and third-party financial systems from working with the country’s 15 bitcoin exchanges. The rumor sent bitcoin prices into a steep plunge, dropping to around $450. Today, those rumors have a bit more fuel. Chinese exchange BTC38…
In February, the world’s first “bitcoin bank” Neo opened to much fanfare in Cyprus. Barely a month later, the stock price is in the gutter, stock trading on Havelock has been halted due to “unusual activity,” the company’s offices in Cyprus are shuttered, and CEO Danny Brewster is no longer in the country. There has…