CryptoCoinsRevolution.com: Bitcoin Market

Bitcoin Market

Digital exchangers are businesses that gives room for trading digital currencies for other valuables like conentional fiat monet or other gigital currencies. They are also known as market makers which take fees as commissions for their transactions. Exchanger may be a brick and mortar business, that exchanges method of payments and digital currencies, or transactiing online, and exchanging digital currencies that is transferred electronically. Most digital currencies works outside the countries at the Western side, to prevent oversight regulation and complicate prosucution, but they take care of fiat currencies, and keep bank accounts in various nations to enhance currency deposits. It is possible they allow paymenst through debit cards, wire transfer, postal money orders, or payment in other forms for exchanging digital currencies. Some of the exchangers might convert balance of digital currency to prepaid cards of anonymous and can be used to take funds from ATMs across the globe. The digital currency creators are independent in trading currencies. A system might include the providers of digital currencies to become businesses that maintains accounts for customers, but they ar not allowed to issue the digital currency to customers. They sell or buy currency from the customers, and the transfer the digital currencies to customers account or deduct from it. Some of these exchangers are subsidiaries of providers, while some are independent in trading. A fictitious currency or real currency may be depostied to the account of Digital currency providers.

Regulations

In year 2004, there was a shutdown of 3 Australian based digital currency exchange after the investigation of the Australian Securities and Investements Commission (ASIC). The commission viewed the activities provided as requirents required by the Australian Financial Services License that the company could not provide.

In year 2006, GoldAge Inc, a digital currency exchange busess, also a business in New York, was shut down by thr US Secret Service following its operations since year 200. Two business men were indicted namely Vladimir Kats and Arthur Budovsky, in which their charges ws based on the operation of illegal digital currency exchange and transmitting business from their houses, in which they transmitted above USD30 million into digital currency accounts. Buyers and sellers lacks the Identity document required, and they could transfer funds to other people across the globe with transactions above USD100,000. 5 years prison terms was placed on Budovsky and Kats in year 2007, for dealing in monet transmitting without legal license, violating the state banking law, In month of April year 2007, the government of the United States ordered the administration of E-gold to cancel or block of around 58 E-Gold accounts managed the Bullion Exhcnage, AnyGoldNow, IceGold, GitGold, The Denver Gold Exchange, GoldPouch Express, 1MDC and some other to stop operations and their assets to be seiezed. After some few weeks, E-Gold was faced with 4 indictments. The DoJ release and the rebuttal by the CEO named Jackson. In the month of July year 2008, the rules and regulations of Webmoney was changed, which affected many other exchangers. As from then, it is now allowed to exchange Webmoney to e-currencies like Liberty Reserve and E-Gold. In July year 2008, aa bargain was accepted by 3 directors of E-Gold alongside with the prosecutors pleading guilty of an account which one is Operations of an unlincensed money transmitting business, and the company seiezed to exist in 2009.

As of May year 2013, Liberty Reserve, a digital currency exchanger was shut down following the alleged of Arthur Budovsky Belanchul, the founder, and 4 others were arrested in countries Costa Rica, Spain, and New York, for conspiracy to launder miney and conspiracy, also the conspiracy of operating under an unlincesed money transmitting business. The founder, was a U.S citizen before changing to Costa Rican by naturalization, was also arrested in year 2006 with the link og Gold Age raid. The indictments made by US addressed the case to be the largest international money laundering that is prosecuted ever. Over USD40 million were placed in assets under restraint awaiting closure, and many domain names of Liberty Reserve exchanger were seized. Almost USD6 billion was recorded to have been laundered by the company.

Digital Gold Currency

This is a form of ounces of gold that is based on electronic money. It represents money, just like gold certificate of paper as of the time of 1873 to 1933, the demand for exchanging gold increase during the period. The unit of currency for the type of currency is knwon as gold gram or troy ounce, but some units like gold dinar may be used sometimes. Digital gold currencies are supported by gold by gold storage that is allocated or not allocated. Some companies issues the digital currency, and they all provides a platform that allows users to make payments for each other in units holding the same vale just like gold bullion. The companies issue a currency known as independent currency.

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