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Lorraine Mirabella | April 29, 2014
State officials are warning consumers to pay attention to their e-wallets. Virtual currency such as Bitcoin is becoming more popular but is largely unregulated, and it comes without federally backed insurance. The warning from Maryland's attorney general and financial regulation commissioner reminded consumers and investors to be cautious when dealing with digital and crypto-currency. "It pays to know what's in your e-Wallet and the many ways your money can disappear if you're not careful," Attorney General Douglas F. Gansler said in today's announcement with Mark Kaufman, commissioner of financial regulation at the state Department of Labor, Licensing and Regulation.
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BUSINESS
By Scott Dance, The Baltimore Sun | July 5, 2014
First came the switch off of the gold standard. Then checkbooks and credit cards started the shift away from cash - but to bitcoin advocates, not far enough. As the anonymous digital currency gains favor with retailers such as Overstock.com and is welcomed by California and other states, some in Baltimore are trying to boost adoption locally. They argue that bitcoin is the next logical step beyond credit cards, offering greater security without transaction costs. But they also acknowledge a sort of chicken-and-egg problem when it comes to getting consumers to adopt bitcoin and retailers to accept it. In Baltimore, some tech advocates, a few business owners and the entrepreneurs behind the local startup Bitsie aim to encourage acceptance among local shops and to promote broader education about how bitcoin works, and why more people should use it. That means overcoming challenges, including volatile exchange rates and a lack of any central regulation of bitcoin, factors that make some question whether the currency will ever gain mainstream traction.
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NEWS
By Lynette Long | April 30, 2010
Earlier this year, Rep. Patrick McHenry, a North Carolina Republican, introduced legislation that would take President Ulysses S. Grant off the $50 bill and replace him with President Ronald Reagan. This legislation has sparked currency wars as Reagan supporters try to unseat Grant, who has held jurisdiction over the $50 bill since 1913. The original $50 bill was issued in 1863 and sported a picture of Alexander Hamilton. The images of seven different men have graced the fifty, George Washington being the only other president.
BUSINESS
Lorraine Mirabella | April 29, 2014
State officials are warning consumers to pay attention to their e-wallets. Virtual currency such as Bitcoin is becoming more popular but is largely unregulated, and it comes without federally backed insurance. The warning from Maryland's attorney general and financial regulation commissioner reminded consumers and investors to be cautious when dealing with digital and crypto-currency. "It pays to know what's in your e-Wallet and the many ways your money can disappear if you're not careful," Attorney General Douglas F. Gansler said in today's announcement with Mark Kaufman, commissioner of financial regulation at the state Department of Labor, Licensing and Regulation.
NEWS
December 2, 2013
In his commentary "Bitcoin and international crime" (Nov. 25) E.J. Fagan vilifies cryptocurrency for aiding criminals and enabling their crimes. He vilifies Johns Hopkins professor Matthew Green and fellow researchers for their work on the ZeroCoin currency. By extension, he scolds Johns Hopkins University for supporting this research. I do share Mr. Fagan's concerns about the outcomes of these systems. But Mr. Fagan fails to acknowledge that the widespread adoption of anonymous cryptocurrencies is inevitable.
NEWS
By E.J. Fagan | November 25, 2013
U.S. law enforcement officials have been shutting down giant illegal marketplaces that do business in "bitcoin" and are beginning to lay out plans to regulate such digital currencies - like we do any other kind of money - by requiring that money laundering controls be applied to the transactions. The virtual bitcoin currency is not backed by any central bank or government and can be transferred "peer to peer" between any two people anywhere. It is created through a complex computer mining process that allows people to earn new bitcoins by solving certain mathematical problems.
BUSINESS
By New York Times News Service | October 6, 1992
LONDON -- European stock markets fell sharply and the weaker currencies plunged in value again yesterday after investors apparently decided there was little chance that Europe could pull out of its economic turmoil any time soon.The heavy selling of stocks and the continued decline in the value of the British pound, the Italian lira and other currencies was in part a delayed reaction to the German central bank's decision on Friday not to cut interest rates. Economists say lower rates in Germany are essential to improving Europe's economic prospects.
NEWS
By Peter Morici | October 13, 2009
As the dollar falls against the euro, yen and other major currencies, China and other emerging economic powers holding lots of dollars and U.S. securities are crying foul - and urging an end to the dollar's central status in global commerce. If they are truly disgusted, they should look to themselves for answers. Since the end of World War II, the dollar has largely replaced gold as the reserve asset central banks hold to back up national currencies. The supply of gold is too limited, and efforts to back up currency with gold would result in chronic shortages of liquidity and global deflation.
NEWS
By Douglas Birch and Douglas Birch,SUN FOREIGN STAFF | April 1, 2002
KABUL, Afghanistan - At the raucous Sharzoda Currency Exchange, the value of the country's skittish currency is determined these days by one man: the former king, 87-year-old Mohammad Zahir Shah, living in exile near Rome. When the former king said months ago that he planned to return, the afghani, as the currency is known, rose against the dollar. It rose higher when a date for his return was set: Nowruz, the Persian New Year, on March 22. When that deadline came and went, the currency fell.
BUSINESS
By BLOOMBERG NEWS | October 15, 1997
WASHINGTON -- Southeast Asian governments are primarily to blame for the recent currency troubles in that region, and any attempt by these nations to place controls on the cross-border flow of investment will have "adverse, unintended consequences," Federal Reserve Chairman Alan Greenspan said yesterday.Thailand was forced to devalue its currency, the baht, after it came under speculative attack in early July.The baht has lost more than half its value since its June peak against the U.S. dollar, and the contagion spread to Indonesia, Malaysia and the Philippines.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | April 25, 2014
State financial regulators and the attorney general issued a warning Friday about bitcoin and other virtual currencies, saying buyers - and sellers - should be careful. "For now, there is little to no regulation and no safety net for consumers or investors who lose their money dabbling in virtual currency such as Bitcoin," Attorney General Douglas F. Gansler said in a statement. Mark Kaufman, Maryland's commissioner of financial regulation, said in that statement that the state doesn't regulate virtual currencies but is examining issues related to them.
NEWS
March 6, 2014
Publishing a commentary about Bitcoin by an institutional economics professor is as responsible as letting a village witch doctor give lectures on the merits of proton radiation therapy to treat cancer ( "The Bitcoin myth," March 3). Peter Morici is not qualified to explain Bitcoin because he cannot understand it technically nor can he accept it ideologically. Crypto-currencies like Bitcoin fly in direct opposition to his indoctrination. His commentary is not mere schadenfreude - his ego needs to be right about Bitcoin or else he has dedicated his life to perpetuating a lie. Mr. Morici writes, "The virtual currency was supposed to provide a safer, more private and less costly alternative to money issued by governments.
NEWS
By Carrie Wells, The Baltimore Sun | February 1, 2014
Inside a drab computer lab at the Johns Hopkins University, a team of researchers is trying to build something that has never existed before: a digital currency that changes hands completely in secret. Its name is Zerocoin. The untraceable currency is designed to compete with other virtual moneys such as Bitcoin, which are drawing attention as alternatives for businesses and individuals — and drawing criticism from some who believe they enable money laundering and other criminal activity.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | December 12, 2013
A Columbia mobile web software firm said Thursday that it will accept payments in Bitcoin - the digital currency that shot up in value this year - and will give a 5 percent discount to customers who use it. Bitcoin is highly volatile, but most of the movement has been up. It was trading at a value of nearly $900 U.S. dollars apiece late Thursday. Fiddlefly CEO James Ramsey said in a statement that Bitcoin is a way around the "hassle" of paying online in foreign currencies or dealing with credit cards.
NEWS
December 2, 2013
In his commentary "Bitcoin and international crime" (Nov. 25) E.J. Fagan vilifies cryptocurrency for aiding criminals and enabling their crimes. He vilifies Johns Hopkins professor Matthew Green and fellow researchers for their work on the ZeroCoin currency. By extension, he scolds Johns Hopkins University for supporting this research. I do share Mr. Fagan's concerns about the outcomes of these systems. But Mr. Fagan fails to acknowledge that the widespread adoption of anonymous cryptocurrencies is inevitable.
NEWS
By E.J. Fagan | November 25, 2013
U.S. law enforcement officials have been shutting down giant illegal marketplaces that do business in "bitcoin" and are beginning to lay out plans to regulate such digital currencies - like we do any other kind of money - by requiring that money laundering controls be applied to the transactions. The virtual bitcoin currency is not backed by any central bank or government and can be transferred "peer to peer" between any two people anywhere. It is created through a complex computer mining process that allows people to earn new bitcoins by solving certain mathematical problems.
NEWS
By Bill Glauber and Bill Glauber,SUN FOREIGN STAFF | January 4, 1999
LONDON -- For the British, there is no escaping the euro, the new single European currency that fuels the neighborhood's new economic colossus.As euro trading unfolds today, Britain prepares for life next to Euroland, the 11-nation block of euro founders led by Germany and France. Britain is the most prominent of the European Union's four euro outsiders and is poised to protect its financial turf.Throughout the holiday weekend, the square-mile City of London financial district buzzed with activity, as banks and international investment firms set up "war rooms" and "command centers" to prepare for the euro.
FEATURES
By Jean Allen and Jean Allen,Fort Lauderdale Sun-SentinelTRAVEL Q&A | January 16, 1994
Q: I would appreciate your help in the matter of where is the best place to buy foreign currency, since I don't know where to get an honest and unbiased (and informed) answer.I usually buy my British currency ahead of time at the bank. If the newspaper lists the cost of a British pound at $1.52, for example, my local bank will charge me about $1.64 to the pound and add on a $10 fee, which does not vary no matter how much or little I exchange.If I exchange my money at the airport, the operator of the money-changing booth assures me that his rate is the same as the bank's rate.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | August 26, 2013
A federal court in Maryland ordered a former Bowie man and his company to pay more than $600,000 in restitution and penalty to settle a foreign currency fraud complaint, the U.S. Commodity Futures Trading Commission said Monday. The U.S. District Court for the District of Maryland also issued permanent registration and trading bans against Sidney J. Charles Jr. and his company, The Borrowing Station LLC in Bowie, the CFTC said. According to the regulator, Charles and his firm solicited nearly $370,000 from 18 people or entities between October 2009 and at least July 2011 for a pooled investment vehicle.
NEWS
By Justin Fenton, Ian Duncan and Kevin Rector, The Baltimore Sun | May 11, 2013
In the black market of Maryland's prisons and jails, where the right price can secure cellphones and drugs, transactions unfold through a complex system of currency. Among the key elements: 14-digit codes, prepaid debit cards and text messages. One brand of cards - Green Dot - is so ubiquitous that it has become part of the lexicon on the inside. The recent federal indictment of two dozen inmates and corrections officers in an alleged Black Guerrilla Family corruption scandal at the Baltimore City Detention Center notes several instances in which suspects refer to "dots" in transactions.
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