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Rayner my parade! The importance of specialist advice.
Jemma Brimblecombe
Hardly a day goes by without a new story about another cyber-attack, leaked or hacked passwords or log-ins.
Anyone who has ever tried to buy a house will know that location is everything. In London, house buyers will pay a premium for an average house in a sought-after postcode purely so they can utter those magic 3 words “NW3” or “SW3 at the end of their address. The internet is no different and with the recent launch of the gTLD program (Generic Top Level Domains), a whole raft of domain name suffixes has now become available, indeed Rich Merdinger cannily describes these domain names as “21st century real estate”.
Further to our recent blog (see Bitcoin – legal tender of the future or fad?), Forbes reported yesterday via contributor Jon Matonis, who sits on the Board of Directors of the Bitcoin Foundation in California, that California’s Department of Financial Institutions (DFI) issued a cease and desist letter to the Bitcoin Foundation. The Foundation is accused of engaging in money transmission without obtaining a licence or proper authorisation to do so under the California Financial Code and is warned to desist in doing so. Violating the California Financial Code can lead to criminal prosecution resulting in a fine and/or imprisonment as well as civil fines.
Bitcoin (BTC) is the world’s newest currency, pushing the Euro out of that coveted spot. It is not your traditional currency however; it is a digital, decentralised currency based on open source.
Whilst the economic advantages of cloud computing services are compelling, there are major legal risks which, in certain situations, outweigh the potential cost benefits.
Jemma Brimblecombe
Charles Richardson
Oliver Oldman
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