News that Fortify Cryptocurrency Market 9/30/14

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News that Fortify Cryptocurrency Market 9/30/14

A weekly-section dedicated to the possible influence of traditional finance market on the cryptocurrency sector.

Canada Told to Avoid Carrying Cash to USA
The Canadian government recently warned its citizens not to carry cash to the USA, citing “Civil Asset Forfeiture” as the base of the warning. Civil Asset Forfeiture is a procedure that allows the US police to seize cash impunity whenever it is believed to be used for “smugly” purpose; for instance, drugs. Earlier this year, more than 2.5 billion Canadians have been confiscated using the same law.

International Banks Ditching US Citizens over a New Tax Law
Thousands of US citizens living abroad are renouncing their citizenship over a new, complex tax law which reportedly encourages foreign banks to terminate their accounts. Dubbed as Foreign Account Tax Complication Act, or FATCA, this new law requires foreign banks to detail IRS about their American customers, mostly with an aim to confiscate tax dodgers. In 2007, around $345 billion was reportedly kept away from IRS in order to evade income tax.

Argentinian Government Gathering Data of Swiss Account Holders
Already going through a depressing economic year, Argentina is now gathering data from over 3900 Argentinians, suspected for holding a huge sum in their respective bank accounts. A team of experts was already deployed to Paris concerning the same case. The Director of the Administración Federal de Ingresos Públicos, Richard Echegaray told media that they have originally planned to target over 3,000 Swiss accounts, but the figure somewhat reached 3900 when new evidences surfaced. “We do not know how much money we will going to seize but indeed the difference is substantial, because in Argentina there are only 125 declared HSBC accounts based in Switzerland,” he added.

New Law to Seize Foreign Assets in Russia
A new law is enabling Russian courts to seize foreign assets within the nation’s territory. This new bill is passed in response to the recent Western sanctions against Moscow following the Ukraine crisis. These sanctions range from VISA bank and asset freezing to the restrictions on access to the capital markets for Russian companies.

Evidence Proves Collusion between Feds and Goldman Sachs
A report by ProPublica reporter Jake Bernstein (winner of a Pulitzer for his investigative reports on Wall Street) revealed the existence of 46 hours of audio recordings made inside the Federal Reserve Bank in New York. The recording clearly presents an interface between the Feds and the representatives of nation’s foremost regulated bank Goldman Sachs, indicating a possible collusion.

To contact the assembler of the stories: Yashu Gola at yashu@forexminute.com

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