Banco Popular de Puerto Rico

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Receiving Wide Coverage ...Closer to Bitcoin Regulation: Japan is close to regulating cryptocurrency Bitcoin, following the collapse of Tokyo-based exchange Mt. Gox. Draft regulation, which includes a tax on Bitcoin transactions and prohibits banks and securities firms from handling the cryptocurrency, appears to treat Bitcoin more like a commodity than an actual currency, but a lawmaker, who opposes the plan, has asked for clarification. One look at this Journal quote from an anonymouse and you will understand why: "What we are considering is that bitcoin isn't a currency, but that doesn't mean it will automatically be categorized as a commodity." Despite the lack of clarity, there's already been some criticism of Japan's proposal. "If banks and securities firms can't handle Bitcoins, Japanese consumers will be stuck with illegal shadow banks like Mt. Gox, and their risk will be much higher as a result,'' one source tells Dealbook. Meanwhile, another Bitcoin site, Flexcoin, said it was shutting down on Tuesday after losing about $600,000 worth of bitcoins to a hacker attack. And Dealbook reminds everyone about Silk Road — "the online marketplace where drugs and weapons could be bought with Bitcoin" — by reporting that Christopher Nadovich, director of laboratories in the electrical and computer engineering department at Lafayette College, had a small role in the federal investigation that resulted in the site's shutdown this fall, as he provided a back-up server to the website.

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