Jon Matonis – Cyprus Goes Cashless The Hard Way

Jon Matonis – Cyprus Goes Cashless The Hard Way:

Forbes contributor and Bitcoin Foundation board member Jon Matonis (@JonMatonis) posts on the latest developments in Cyprus and how Bitcoin has a role.  Excerpts:

“‘Only put money in the banking system that you can afford to lose,’ advises financial commentator Max Keiser. This is no more true than last weekend in Cyprus when bank depositors had electronic transfers blocked and were initially told to prepare for a confiscatory levy of up the 9.9% of their deposit balances across the board.”

“Capital controls are about government keeping your money within easy reach should they ever want it. A decentralized and nonpolitical currency like Bitcoin starts to look attractive by providing a safer destination for wary depositors, allowing them to store their money securely in a digital account on their own computers, away from the big governments and politicians’ reach.”

“The emerging trend towards bitcoin as a flight to safety seems to be accelerating despite the recent regulatory guidance from FinCEN (Financial Crimes Enforcement Network).”

“‘Gold is a great way to preserve wealth, but it is hard to move around,’ added [James Rickards, author of Currency Wars]. ‘You do need some kind of alternative and Bitcoin fits the bill.’”

 – http://onforb.es/101vGDz
 – http://bitcointalk.org/index.phptopic=157476.0 (Further discussion of the article)

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Check out the original source here.

http://bit.ly/YDG1aVcrimes enforcement network, electronic transfers, electronic transfesr, financial commentator, financial commenttaor, financial crimes enforcement, financial crimes enforcement network, keeping your money, regulatory guidance

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