Tag Archives: global

Bits and pieces: Virtual money and terrorism

Simon Palombi is an intern in the Lowy Institute’s International Security Program. He has previously interned with the UN Counter Terrorism Executive Directorate.

The European Central Bank recently published an official study into digital online currencies, the first by a major financial institution.

Alarmingly, the report tends to play down the suitability of these currencies to terrorist groups. In particular, the report passes off legitimate concerns, such as those raised two years ago by the Financial Action Task Force (FATF), as ‘negative press’. Indeed, the report fails to account for the development and increasing market for the digital online currency known as Bitcoin, and not only its potential for use to launder money (raised by FATF) and for gambling but the access it provides to weapons available via online black markets.

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BLOGDIAL » Bitcoin and the State: Asking permission to be free

May 17th, 2012 by Irdial 1DnwFLXczVZV8kLJbMYoheUrpqHesjxrSi

Should people who want to see the widespread and rapid adoption of Bitcoin seek tight regulation and integration with the State, or should they rely only on their skills as developers, marketers and entrepreneurs to create the rock solid, reliable and trustworthy products that people will use in their millions, like the other well known internet companies that have changed the way we do things?

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A Bitcoin innovator has just applied for and received a registry entry from the US Federal Government’s Financial Crimes Enforcement Network:

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BLOGDIAL » The Friction-Free Bitcoin Economy

August 25th, 2012 by Irdial 1DnwFLXczVZV8kLJbMYoheUrpqHesjxrSi

As the barriers to competition evaporate, the world is becoming Bitcoin’s oyster.

Guess who it is you’re fighting now? Everybody.

In his old book, The Road Ahead, Bill Gates wrote of “friction-free capitalism,” a type of marketplace that he argued will be ushered in by the spread of a technology like Bitcoin. This is like heralding the Net as a harbinger of instantaneous transaction while dispensing with hard cash and the credit card. Forget the Banks — we already inhabit what has become a remarkably low-friction internet economy. That’s why today’s marketplace feels so competitive. And it’s why some businesses are prospering beyond all expectation while others are wondering who changed the rules of the game.

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