Bits and Pieces 4thSep2013

  • Bitcoin exchange TradeHill halts trading after its banking partner experiences “regulatory issues”.

After series of Bitcoin businesses being dropped  by their banking partners earlier this year, the Internet Archive Federal Credit Union (IAFCU)  came to the rescue. The New Jersey based credit union, run by the Internet Archive, has been very friendly to the Bitcoin industry and has worked with a number of businesses who have had trouble establishing relationships with banks.

One of the businesses the credit union partnered with was the US based TradeHill  exchange. Late last week Jered Kenna, Tradehill’s founder and CEO, confirmed via Reddit that the exchange had suspended trading due to “operational and regulatory issues” faced by its bank.

IAFCU posted its own statement on the matter , but was not clear on the nature of the regulatory issues.

  • As the rupee continues to struggle, Indian officials continue their attempts to curb demand for gold.

Via Reuters

India is considering a radical plan to direct commercial banks to buy gold from ordinary citizens and divert it to precious metal refiners in an attempt to curb imports and take some heat off the plunging currency.

The RBI will ask the banks to buy back jewelry, bars and coins for rupees. Lenders will have to offer better rates than pawn shops and jewelers to lure sellers.

“We will start a pilot project among some banks where we will allow them to buy back gold from individual households,” the source, an official familiar with the central bank’s plan, said. “This will start soon, we have discussed (it) with banks.”

  • From New York to Germany, check out a timeline of August events affecting the crypto-currency community here.
  • For those following the Bitcoin Foundation’s board elections Bitcoin Magazine has posted transcripts from Let’s Talk Bitcoin’s interviews with the Individual Seat Candidates

Two new seats are being added to the Board of Directors. One representing Individual Members and the other is representing Industry (business) Members. In order to be eligible to vote in this election, you must be a current member of the Bitcoin Foundation.

Can’t keep Indians from their gold

In 2011 Indian’s imported a record 969 tons of gold.  Imports have more than doubled since 2008.

In India gold is still seen as money and is commonly purchased for savings. According to the All India Gems & Jewellery Trade Federation  “In a country like India, there is no scheme for social security, and investment in gold is like social security.”

As the rupee weakens and the country’s current account deficit grows, 80% is attributed to gold imports, the Indian government is trying a number of methods to reduce demand. But try as they might, they can’t seem to keep Indians from their gold.

Continue reading “Can’t keep Indians from their gold”