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Why does a bee only visit one type of flower at a time? It seems such a waste of energy. Last year, we had a Christmas pudding that was two years old and it was superb, whereas a one-year-old pudding wasn't nearly as tasty. I read that a supermarket won an award for its two-year-matured puddings.
So, what happens over two years to bring out the flavour? Rubbish collection seems complicated these days. Where I live, I use five different bins and the collections are fortnightly.
Unlike many people I observe, I squash things like aluminium cans and plastic milk bottles. It seems logical and reduces the volume of rubbish stored in the house — but does doing so help collection and recycling? How small would something need to be for the gravitational field of a human to significantly affect it?
At what point would something be attracted to someone or able to establish an orbit? In , the National Assembly of Ecuador banned bitcoin and decentralized digital currencies while establishing guidelines for the creation of a new, state-run currency. The European Union is taking a cautious approach to cryptocurrency regulation, with several initiatives underway to involve sector participants in the drafting of supportive rules.
The focus appears to be on learning before regulating, while boosting innovation and taking into account the needs of the ecosystem. The European Central Bank ECB , however, is pushing for tighter control over movements of digital currencies as part of a broader crackdown on money laundering, while recognizing the jurisdictional complexities in regulating an asset with no boundaries.
The government does not yet have any regulations that cover cryptocurrencies, although it is looking at recommendations. The central bank of Kyrgyzstan declared in that using cyrptocurrencies for transactions was against the law. At the end of , Mexico's national legislature approved a bill that would bring local bitcoin exchanges under the oversight of the central bank. While Nigerian banks are prohibited from handling virtual currencies, the central bank is working on a white paper which will draft its official stance on use of cryptocurrencies as a payment method.
The focus appears to be on protecting citizens from scams, while allowing individuals and businesses to work legally with cryptocurrencies. In early , South Korea banned anonymous virtual currency accounts.
And in an effort to curb cryptocurrency speculation, the authorities are contemplating a crackdown on exchanges. Singapore has no plans to regulate cryptocurrencies for now, but has reassured the market that it will be keeping an eye on the risks. The central bank, however, is working on a regulatory framework for bitcoin payments, and has issued warnings on bitcoin investments. After allegedly declaring bitcoin illegal , the Bank of Thailand issued a backtracking statement in , clarifying that it is not legal tender but not technically illegal , and warning of the risks.
For now, cryptocurrency exchanges are not regulated. Some states are more advanced than others in cryptocurrency oversight. New York, for instance, unveiled the controversial BitLicense in , granting bitcoin businesses the official go-ahead to operate in the state many startups pulled out of the state altogether rather than comply with the expensive requirements. In mid, Washington passed a bill that applied money transmitter laws to bitcoin exchanges. In Texas, the state securities commission is monitoring and, on occasion, shutting down bitcoin-related investment opportunities.
It has also filed charges in several bitcoin-related schemes , which underlines its intent to exercise jurisdiction over cryptocurrencies whenever it suspects there may be fraud. The Uniform Law Commission, a non-profit association that aims to bring clarity and cohesion to state legislation, has drafted the Uniform Regulation of Virtual Currency Business Act , which several states are contemplating introducing in upcoming legislative sessions. The Act aims to spell out which virtual currency activities are money transmission businesses, and what type of license they would require.
Critics fear it too closely resembles the New York BitLicense. It has hinted, however, that it will step in to oversee bitcoin-related derivatives. This lack of consumer protection has been behind recent FCA warnings on the risks inherent in cryptocurrencies. The government of Ukraine has created a working group composed of regulators from various branches to draft cryptocurrency regulation proposals, including the determination of which agencies will have oversight and access.
Also, a bill already before the legislature would bring cryptocurrency exchanges under the jurisdiction of the central bank. Authored by Noelle Acheson. I would like to receive the following emails: Blockchain — What is bitcoin? Bitcoin What is Bitcoin? How Can I Buy Bitcoin? How Does Bitcoin Mining Work? How Do Bitcoin Transactions Work? How Can I Sell Bitcoin? Blockchain What is Blockchain Technology?
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