Legal and Regulatory Issues Surrounding the Bitcoin Digital Currency System
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Monetary Policy in a World of Cryptocurrencies∗
Monetary Policy in a World of Cryptocurrencies Pierpaolo Benigno University of Bern March 17, 2021 Abstract Can currency competition affect central banks’control of interest rates and prices? Yes, it can. In a two-currency world with competing cash (material or digital), the growth rate of the cryptocurrency sets an upper bound on the nominal interest rate and the attainable inflation rate, if the government cur- rency is to retain its role as medium of exchange. In any case, the government has full control of the inflation rate. With an interest-bearing digital currency, equilibria in which government currency loses medium-of-exchange property are ruled out. This benefit comes at the cost of relinquishing control over the inflation rate. I am grateful to Giorgio Primiceri for useful comments, Marco Bassetto for insightful discussion at the NBER Monetary Economics Meeting and Roger Meservey for professional editing. In recent years cryptocurrencies have attracted the attention of consumers, media and policymakers.1 Cryptocurrencies are digital currencies, not physically minted. Monetary history offers other examples of uncoined money. For centuries, since Charlemagne, an “imaginary” money existed but served only as unit of account and never as, unlike today’s cryptocurrencies, medium of exchange.2 Nor is the coexistence of multiple currencies within the borders of the same nation a recent phe- nomenon. Medieval Europe was characterized by the presence of multiple media of exchange of different metallic content.3 More recently, some nations contended with dollarization or eurization.4 However, the landscape in which digital currencies are now emerging is quite peculiar: they have appeared within nations dominated by a single fiat currency just as central banks have succeeded in controlling the value of their currencies and taming inflation. -
1 BIDDER BEWARE TOWARD a FRAUD-FREE MARKETPLACE – BEST PRACTICES for the ONLINE AUCTION INDUSTRY Paula Selis Anita Ramasastry
BIDDER BEWARE TOWARD A FRAUD-FREE MARKETPLACE – BEST PRACTICES FOR THE ONLINE AUCTION INDUSTRY Paula Selis* Anita Ramasastry** Charles S. Wright*** Abstract: This report presents to businesses, consumers and government officials (including law enforcement) a “menu of options” for combating fraud in the online auction industry. By directly interviewing several major online auction sites and cataloging the features of other sites, the Washington Attorney General’s Office, in conjunction with the Center for Law Commerce and Technology at the University of Washington Law School, has attempted to identify a series of “best practices” in the online auction industry. The results of these interviews as well as findings from investigation of current practices on the Web are presented here. By identifying the most successful, innovative, and feasible practices, this report seeks to maximize the reach of industry solutions and thereby promote industry-wide self-regulation. Standardization is a powerful tool for eradicating fraud across the industry. However, divergent business models and differing consumer needs mean that there is no one size that fits all models. This report presents a pro-active collaboration between enforcement agencies, industry, and academia. It also suggests a menu of best practices from which users might choose to suit their needs, and invites comment, critique and improvement upon those practices. INTRODUCTION Produced by the Washington State Attorney General’s office and the Center for Law Commerce and Technology at the University of Washington Law School, this report surveys the current range of responses to the problem of online auction fraud. This report presents the results of that survey in the form of a menu of options for businesses and consumers. -
RISL) Procurement
Draft RFP for Selection201 of System7 Integrator for Rate Contract for establishment of IT Infrastructure for enabling Digital Payments cument History Overview Procurement PolicyRajCOMP Manual for RajCOMP Info Info Services Services Limited Limited Document Title RajCOMP Info Services Limited- Manual on Policies and Procedures for(RISL) Procurement Document Final Status Abstract This documentDraft provides RFP a forbroad Selection framework and ofguidelines System for RajCOMP Integrator Info for Services LimitedRate Staff inContract carrying out various for procurement establishment activities. of IT Infrastructure for enabling Digital Payments based on Open Competitive Bidding through e- Document Publication HistoryProcurement/ e-Tender Date Author Version Remark th 17 February 2011 Dr. S.S. Vaishnava V3 Final Version Distribution Version Name Location Final MD RajComp Info Services Limited RajComp Info Services Limited office, Jaipur Secretary (IT) RajComp Info Services Limited office, Jaipur Table of Contents Page 1 of 95 Draft RFP for Selection of System Integrator for Rate Contract for establishment of IT Infrastructure for enabling Digital Payments TABLE OF CONTENTS ABBREVIATIONS & DEFINITIONS ................................................................................................................................. 6 1. INVITATION FOR BID (IFB)& NOTICE INVITING BID (NIB) ....................................................................................... 9 2. PROJECT PROFILE &BACKGROUND INFORMATION ........................................................................................... -
Advance Warning an Introduction to Drop Catching
2 Advance warning The Initial Coin Offering (“ICO”) project presented by the company DomRaider is an unregulated fundraising operation. It poses several risks to buyers, in particular, that of losing all amounts traded for tokens issued by DomRaider. Only people who are fully aware of these risks should participate in the ICO. Note also that the ICO excludes certain groups of people such as consumers and “U.S. Person” (within the meaning of “Regulation S” of the Securities Act 1933 in U.S. law), Canadian and Singapore citizen”. An introduction to Drop Catching The secondary market for domain names Presently, there are close to 330 million active domain names throughout the world (see: https://investor.verisign.com/releasedetail.cfm?releaseid=1015020). They are divided into approximately 2,500 domain name extensions or TLDs (Top-Level Domains). ICANN (The Internet Corporation for Assigned Names and Numbers), the non- profit regulatory organization, has delegated their management to different registries throughout the world, including: • 300 generic domain name extensions (.com, .net, .org,….) • 260 country code domain name extensions (.cn, .de, .co.uk, .fr,….) • 1,930 new domain name extensions (.club, .xyz, .global,….) created in 2012 by ICANN and launched since 2014. 3 DISTRIBUTION OF THE DOMAIN NAMES IN MILLIONS 400 350 28 11 300 38 4 36 35 250 131 200 127 119 150 100 141 141 124 50 0 2014 2015 2016 ccTLD’s .com Other historical TLD’s nTLD‘S The worldwide market has been driven by new gTLDs (Generic Top-Level Domains: which correspond to extensions such as .com, .net, etc…) wich grew by 6.8% in 2017. -
86-2 17-37.Pdf
Opinions expressedil'lthe/ nomic Review do not necessarily reflect the vie management of the Federal Reserve BankofSan Francisco, or of the Board of Governors the Feder~1 Reserve System. The FedetaIReserve Bank ofSari Fraricisco's Economic Review is published quarterly by the Bank's Research and Public Information Department under the supervision of John L. Scadding, SeniorVice Presidentand Director of Research. The publication is edited by Gregory 1. Tong, with the assistance of Karen Rusk (editorial) and William Rosenthal (graphics). For free <copies ofthis and otherFederal Reserve. publications, write or phone the Public InfofIllation Department, Federal Reserve Bank of San Francisco, P.O. Box 7702, San Francisco, California 94120. Phone (415) 974-3234. 2 Ramon Moreno· The traditional critique of the "real bills" doctrine argues that the price level may be unstable in a monetary regime without a central bank and a market-determined money supply. Hong Kong's experience sug gests this problem may not arise in a small open economy. In our century, it is generally assumed that mone proposed that the money supply and inflation could tary control exerted by central banks is necessary to successfully be controlled by the market, without prevent excessive money creation and to achieve central bank control ofthe monetary base, as long as price stability. More recently, in the 1970s, this banks limited their credit to "satisfy the needs of assumption is evident in policymakers' concern that trade". financial innovations have eroded monetary con The real bills doctrine was severely criticized on trols. In particular, the proliferation of market the beliefthat it could lead to instability in the price created substitutes for money not directly under the level. -
US Monetary Policy 1914-1951
Volatile Times and Persistent Conceptual Errors: U.S. Monetary Policy 1914-1951 Charles W. Calomiris * November 2010 Abstract This paper describes the motives that gave rise to the creation of the Federal Reserve System , summarizes the history of Fed monetary policy from its origins in 1914 through the Treasury-Fed Accord of 1951, and reviews several of the principal controversies that surround that history. The persistence of conceptual errors in Fed monetary policy – particularly adherence to the “real bills doctrine” – is a central puzzle in monetary history, particularly in light of the enormous costs of Fed failures during the Great Depression. The institutional, structural, and economic volatility of the period 1914-1951 probably contributed to the slow learning process of policy. Ironically, the Fed's great success – in managing seasonal volatility of interest rates by limiting seasonal liquidity risk – likely contributed to its slow learning about cyclical policy. Keywords: monetary policy, Great Depression, real bills doctrine, bank panics JEL: E58, N12, N22 * This paper was presented November 3, 2010 at a conference sponsored by the Atlanta Fed at Jekyll Island, Georgia. It will appear in a 100th anniversary volume devoted to the history of the Federal Reserve System. I thank my discussant, Allan Meltzer, and Michael Bordo and David Wheelock, for helpful comments on earlier drafts. 0 “If stupidity got us into this mess, then why can’t it get us out?” – Will Rogers1 I. Introduction This chapter reviews the history of the early (1914-1951) period of “monetary policy” under the Federal Reserve System (FRS), defined as policies designed to control the overall supply of liquidity in the financial system, as distinct from lender-of-last-resort policies directed toward the liquidity needs of particular financial institutions (which is treated by Bordo and Wheelock 2010 in another chapter of this volume). -
The Real Bills Views of the Founders of the Fed
Economic Quarterly— Volume 100, Number 2— Second Quarter 2014— Pages 159–181 The Real Bills Views of the Founders of the Fed Robert L. Hetzel ilton Friedman (1982, 103) wrote: “In our book on U.S. mon- etary history, Anna Schwartz and I found it possible to use M one sentence to describe the central principle followed by the Federal Reserve System from the time it began operations in 1914 to 1952. That principle, to quote from our book, is: ‘Ifthe ‘money market’ is properly managed so as to avoid the unproductive use of credit and to assure the availability of credit for productive use, then the money stock will take care of itself.’” For Friedman, the reference to “the money stock”was synonymous with “the price level.”1 How did American monetary experience and debate in the 19th century give rise to these “real bills” views as a guide to Fed policy in the pre-World War II period? As distilled in the real bills doctrine, the founders of the Fed under- stood the Federal Reserve System as a decentralized system of reserve depositories that would allow the expansion and contraction of currency and credit based on discounting member-bank paper that originated out of productive activity. By discounting these “real bills,”the short- term loans that …nanced trade and goods in the process of production, policymakers ful…lled their responsibilities as they understood them. That is, they would provide the reserves required to accommodate the “legitimate,” nonspeculative, demands for credit.2 In so doing, they The author acknowledges helpful comments from Huberto Ennis, Motoo Haruta, Gary Richardson, Robert Sharp, Kurt Schuler, Ellis Tallman, and Alexander Wolman. -
Bitcoin and Cryptocurrencies Law Enforcement Investigative Guide
2018-46528652 Regional Organized Crime Information Center Special Research Report Bitcoin and Cryptocurrencies Law Enforcement Investigative Guide Ref # 8091-4ee9-ae43-3d3759fc46fb 2018-46528652 Regional Organized Crime Information Center Special Research Report Bitcoin and Cryptocurrencies Law Enforcement Investigative Guide verybody’s heard about Bitcoin by now. How the value of this new virtual currency wildly swings with the latest industry news or even rumors. Criminals use Bitcoin for money laundering and other Enefarious activities because they think it can’t be traced and can be used with anonymity. How speculators are making millions dealing in this trend or fad that seems more like fanciful digital technology than real paper money or currency. Some critics call Bitcoin a scam in and of itself, a new high-tech vehicle for bilking the masses. But what are the facts? What exactly is Bitcoin and how is it regulated? How can criminal investigators track its usage and use transactions as evidence of money laundering or other financial crimes? Is Bitcoin itself fraudulent? Ref # 8091-4ee9-ae43-3d3759fc46fb 2018-46528652 Bitcoin Basics Law Enforcement Needs to Know About Cryptocurrencies aw enforcement will need to gain at least a basic Bitcoins was determined by its creator (a person Lunderstanding of cyptocurrencies because or entity known only as Satoshi Nakamoto) and criminals are using cryptocurrencies to launder money is controlled by its inherent formula or algorithm. and make transactions contrary to law, many of them The total possible number of Bitcoins is 21 million, believing that cryptocurrencies cannot be tracked or estimated to be reached in the year 2140. -
Parallel Journeys: Adam Smith and Milton Friedman on the Regulation of Banking
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Rockoff, Hugh Working Paper Parallel journeys: Adam Smith and Milton Friedman on the regulation of banking Working Paper, No. 2010-04 Provided in Cooperation with: Department of Economics, Rutgers University Suggested Citation: Rockoff, Hugh (2010) : Parallel journeys: Adam Smith and Milton Friedman on the regulation of banking, Working Paper, No. 2010-04, Rutgers University, Department of Economics, New Brunswick, NJ This Version is available at: http://hdl.handle.net/10419/59460 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu February, 2010 Parallel Journeys: Adam Smith and Milton Friedman on the Regulation of Banking Hugh Rockoff Rutgers University and NBER Department of Economics 75 Hamilton Street New Brunswick NJ 08901 [email protected] 1 Abstract Adam Smith and Milton Friedman are famous for championing Laissez Faire, yet both supported government regulation of the banking system. -
Blockchain for Dummies® Published By: John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030-5774
Blockchain Blockchain by Tiana Laurence Blockchain For Dummies® Published by: John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030-5774, www.wiley.com Copyright © 2017 by John Wiley & Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the Publisher. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/ permissions. Trademarks: Wiley, For Dummies, the Dummies Man logo, Dummies.com, Making Everything Easier, and related trade dress are trademarks or registered trademarks of John Wiley & Sons, Inc. and may not be used without written permission. All other trademarks are the property of their respective owners. John Wiley & Sons, Inc. is not associated with any product or vendor mentioned in this book. LIMIT OF LIABILITY/DISCLAIMER OF WARRANTY: THE PUBLISHER AND THE AUTHOR MAKE NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF THE CONTENTS OF THIS WORK AND SPECIFICALLY DISCLAIM ALL WARRANTIES, INCLUDING WITHOUT LIMITATION WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE. NO WARRANTY MAY BE CREATED OR EXTENDED BY SALES OR PROMOTIONAL MATERIALS. THE ADVICE AND STRATEGIES CONTAINED HEREIN MAY NOT BE SUITABLE FOR EVERY SITUATION. THIS WORK IS SOLD WITH THE UNDERSTANDING THAT THE PUBLISHER IS NOT ENGAGED IN RENDERING LEGAL, ACCOUNTING, OR OTHER PROFESSIONAL SERVICES. -
Monetary Policy Frameworks and Indicators for the Federal Reserve in the 1920S*
Working Paper Series This paper can be downloaded without charge from: http://www.richmondfed.org/publications/ Monetary Policy Frameworks and Indicators for the Federal Reserve in the 1920s* Thomas M. Humphrey ‡ Federal Reserve Bank of Richmond Working Paper No. 00-7 August 2000 JEL Nos. E5, B1 Keywords: quantity theory, real bills doctrine, scissors effect, policy indicators. Abstract The 1920s and 1930s saw the Fed reject a state-of-the-art empirical policy framework for a logically defective one. Consisting of a quantity theoretic analysis of the business cycle, the former framework featured the money stock, price level, and real interest rates as policy indicators. By contrast, the Fed’s procyclical needs-of-trade, or real bills, framework stressed such policy guides as market nominal interest rates, volume of member bank borrowing, and type and amount of commercial paper eligible for rediscount at the central bank. The start of the Great Depression put these rival sets of indicators to the test. The quantity theoretic set correctly signaled that money and credit were on sharply contractionary paths that would worsen the slump. By contrast, the real bills indicators incorrectly signaled that money and credit conditions were sufficiently easy and needed no correction. This experience shows that policy measures and measurement, no matter how accurate and precise, can lead policymakers astray when embodied in a theoretically flawed framework. *This paper does not necessarily represent the views of the Federal Reserve System or the Federal Reserve Bank of Richmond. The author is indebted to William Gavin, Bob Hetzel, Judy Klein, Mary Morgan, and Anna Schwartz for helpful comments. -
E-Commerce: New Forms of Work for Wealth Creation in Zimbabwe Walter
International Journal of scientific research and management (IJSRM) ||Volume||3||Issue||2||Pages|| 2097-2102||2015|| Website: www.ijsrm.in ISSN (e): 2321-3418 E-commerce: new forms of work for wealth creation in Zimbabwe Walter. T. Mambodza1, David. I. Fadaraliki2, Shepard Chifamba3, Tendai Marengereke4, Robert Shoniwa5 1,2,3,4,5SRM University, Department of Information Technology Kattankulathur, Kanchipuram, National Highway 45, Potheri, Tamil Nadu 603203, India [email protected] [email protected] [email protected] [email protected] 5 [email protected] Abstract: In the present scenario of the technological world, business is being conducted locally and internationally using electronic means with ease. E-commerce has provided new forms of work in various sectors such as transport, warehousing, insurance, banking, mining, agriculture and communication .However, it is difficult to purchase a product or service online. E- commerce compromises privacy and consumers tend to lose confidence. This paper will highlight the new forms of work in Ecommerce in Zimbabwe. Keywords: Ecommerce, privacy, security, spam 1. Introduction or not it is worth to invest in. The adoption of e-commerce The World Wide Web has enabled the buying and selling of in Zimbabwe is dependent on multiple factors that all need goods and services to be conducted using electronic means to be considered but the advancement in technology [1] will such as Computers, laptops, PDAs, computer networks, definitely make it possible. tablets and mobile or smartphones. Ecommerce has embraced the technology and made life easier for the This article shows how to find best daily deals on online customer, retailer and supplier.