Australian Politician Calls for Bitcoin Scrutiny
In a speech Tuesday, Australia's opposition leader Bill Shorten suggested that government regulations on bitcoin should be more stringent to mitigate the chance it could be used illicitly by terrorists and cybercriminals. Shorten, who leads the Australian Labor Party argued that digital currencies could become a prime target for exploitation when paired with the anonymity afforded by the dark web. Bill Shorten said:
"We must target this threat head on. As terrorists adapt their methods and seek to hide online, we must ensure our agencies have the tools, resources and technology so terrorism has no place to hide."
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Illinois Eases Burden for Cryptocurrency Startups with New Guidance
The financial regulatory arm of the state of Illinois has clarified its rules for digital currency companies operating in the state. Announced yesterday by the Illinois Department of Financial and Professional Regulation (IDFPR), the completed regulatory guidance clarified that digital currency is not captured under the definition of money used in the state's Transmitters of Money Act (TOMA).
Activities that are generally regarded as 'money transmission', including the exchange of digital currency for mone will now require a TOMA license. The IDFPR went on to state that industry startups can use cryptocurrencies as permissible investments, arguing that capital requirements in traditional currencies imposed "added burdens" on smaller operations. The report reads:
"The [IDFPR] understands dollar-denominated capital reserve requirements impose added burdens on digital currency companies and therefore will consider digital currency reserves as a form of permissible investment."
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PotCoin Sends Dennis Rodman to North Korea, Price Doubles
Yesterday, Dennis Rodman made another trip to North Korea wearing a Potcoin.com shirt as he was besieged by reporters. Interest in the Proof-of-Stake Bitcoin alternative understandably grew in tandem, and the currency saw a doubling in price in 24 hours of trading. Rodman has a history of visiting the North Korean leader Kim Jung Un, who is known to smoke marijuana in a dystopian, communist dictatorship which ironically has no laws against the plant. Rodman said of the trip:
"I’m really looking forward to spending time with the wonderful people of North Korea and of course, visiting with the Supreme Leader, Kim Jong Un. I want to thank the folks at PotCoin. They realized the importance of this trip and made it all possible for me."
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