Hi friends, welcome back. For today, all the HYIPs that we have joined are still paying. Well, i do have a few updates to share regarding one or two HYIPs. But presently, let us look closely into a news, published in one particular HYIP blog, that has literally pushed a panic button among a major section of HYIP investors, particularly among the investor friends residing in United States. I have already received 3 mails requesting my opinion regarding the whole issue.
As always articles at hyipingmoney.org will be more fact based, with the major aim being is to lay down the facts, both the positives and negatives. The aim is never to push the panic button further.
Well, the news is according to a magazine article, FinCEN [Financial Crimes Enforcement Network is a bureau of the United States Department of the Treasury] has plans to create new regulations effective from 31st March, 2012 that declares foreign located digital currencies will not be able to offer service legally to customers residing in Continental United States wihthout MSB status.
You can read the article here :
Some Facts :
1. If you look closely at the article, it was published at the DGC Magazine issue, issue : November, 2011. Surprisingly, almost 5 months have passed. Still i could not find any notification about this issue at the official FinCEN site : Link – http://www.fincen.gov/ [ I actually searched the site for almost an hour, but could not find a single reference to the new regulations.]
2. There has been no update at the official e-currency blogs, be it AlertPay or LibertyReserve.
3. Before publishing this article, i performed an extensive Google search, although not much informations were found. The best source of informations, i could find is a TalkGold thread. Nice, informative discussion going on there. [Link - FinCEN is about to ban Liberty Reserve and AlertPay .] Interested friends, can definitely keep a watch there.
What are the several aspects an investor should consider before arriving at a hasty assumption :
The Cooling down factors :
1. The Digital currencies be it AlertPay, LibertyReserve, PerfectMoney or SolidTrustPay are located outside United States. AlertPay is recognized by the Canadian Government, LibertyReserve is registered at Costa Rica.
2. HYIPs were already illegal in United States. But that did not stop investor friends residing in United States to invest in HYIPs.
3. The information about the new regulations were published in a magazine [ DGCA Magazine - issue - November]. Till now, as far as i know there has been no official release at the FinCEN site [ http://www.fincen.gov/]
4. Even if FinCEN actually goes on with the new regulations,probably it will be a long hard court battle [Both within United States and International courts] and an extensive discussion among diplomats of several countries before this law actually comes into action.
The worrying signs :
1. The recent trend is absolutely clear that United States authorities are intending to bring very strict rules agains Copyright Infringement and money laundering [I guess, we all know about the recent SOPA/PIPA Act and the take-down of the File sharing giants Mega-Upload]
2. The US Government was able to shut down the Mega-Upload site, seizing its domain name and $50 million in assets. This case involved international co-operation between the US, Hong Kong, the Netherlands, the UK, Germany, Canada, and the Philippines. This led to the arrest of Schmidt Dotcom, the owner of Mega Upload by the New Zealand Police. Well, honestly, if the US Government wants, there are probably not many countries that can refuse them.
3. If actually this law comes into action [although difficult to implement] , it means any sort of transaction by US citizens via these e-currencies will be deemed as illegal. Therefore. undoubtedly, it will hurt not only the HYIP industry, but also all other online money making sites, be it the MLMs or the PTCs.
Lastly, to conclude i would like to state, like any other sane citizen of the world, almost all the HYIP/MLM/PTC investors are against money laundering and using that money for criminal activities.
Finally, i will be keeping a close watch about how the situation unfolds and attempt to keep you informed.