Image Image Image Image Image Image Image Image Image Image Image Image

| January 19, 2019

Scroll to top

Top

union Archives -

U.K. Parliament’s Rejection of Brexit Deal Puts European Union in a Bind

January 17, 2019 |

The British Parliament’s overwhelming rejection of the Brexit agreement reopens a tortuous debate that EU governments had hoped to avoid, over what fresh concessions, if any, to offer U.K. Prime Minister Theresa May without shattering the bloc’s unity.
WSJ.com: What’s News Europe

Was Pelosi’s State of the Union Move a Foolish One?

January 16, 2019 |

In a letter to President Trump on Wednesday, Nancy Pelosi suggested that the State of the Union address, scheduled for Jan. 29, be postponed until after the shutdown ends or delivered in writing. Some reactions to the House speaker’s move, which she indicated was tied to security concerns : Calling it…
Newser

Trump administration riles European Union with diplomatic snub

January 10, 2019 |

President Trump has angered European Union officials by downgrading the E.U. delegation to Washington’s diplomatic status — and not telling them.
FOX News

Frontier Airlines lets flight attendants keep their tips. The union opposes tipping

January 4, 2019 |

To generate extra revenue, low-cost airlines have experimented with several money-making ideas, such as charging to print boarding passes and promoting credit card memberships during the flights.

Frontier Airlines is trying something new to generate extra money for the carrier’s flight attendants:…


L.A. Times – Business

3 more high-end L.A. hotels reach tentative agreements with workers union to avoid strike; 15 to go

December 21, 2018 |

Hotel management and union leaders reached tentative agreements to avoid strikes at three hotels in the Los Angeles area, two days after similar deals were reached at six other high-end hotels in the region.

The latest agreements apply to the Loews Hollywood Hotel, the Sheraton Universal Hotel…


L.A. Times – Business

Union leaders tentatively agree on a contract to avert strikes at six L.A. hotels

December 20, 2018 |

Strikes may have been averted at six high-end hotels in Los Angeles, but union leaders say labor demonstrations during the holiday season are still a possibility at 18 other Southern California hotels.

Leaders for Unite Here Local 11, representing 7,500 hotel workers in Los Angeles and Orange counties,…


L.A. Times – Business

Outrage Over Union Bank of Nigeria’s Threat to Close Crypto-Related Accounts

November 28, 2018 |

Nigerian digital asset owners have reacted angrily to Union Bank’s threat to close all cryptocurrency-linked accounts. Investors have accused the local banking system of hypocrisy, asserting that banks are “unfit” and “scammers” that continue to steal from the poor through spurious charges such as ATM maintenance fees and SMS alerts.

Also read: Nigeria’s Union Bank Threatens to Shut Down Cryptocurrency-Related Accounts

‘Illiterate Banks Stifling Innovation’

Union Bank of Nigeria will with immediate effect begin monitoring accounts used for digital currency trading with a view to shutting these down without explanation, the bank said in notices to its customers this week. The bank claims it is acting in line with past warnings from the Central Bank of Nigeria (CBN) on virtual currency trading.

However, cryptocurrency and blockchain enthusiasts riled by the bank’s decision have taken to Twitter to express their disgust, questioning the integrity and financial literacy of the banking sector.

Outrage Over Union Bank of Nigeria’s Threat to Close Crypto-Related Accounts

Adekola Seyi initiated a thread accusing Union Bank of lacking basic research abilities and faulted the country’s financial system for retrogressive tendencies. Seyi regretfully hinted that other conservative banks may soon be following suit.

Another Twitter user, Omuswe Precious, said that Nigeria’s banks are hostile to innovation while the world is fast moving ahead. He posted:

Y’all sit there lazying about while d global market cap for cryptocurrencies is already worth more than your ancient institution. Guess this sort of laziness is d reason it takes your bank over 10 working days to reverse failed transactions whn other banks are on auto-reversal.

The collective outrage follows a statement issued by the bank to its account holders warning them to desist from transacting in cryptocurrency, in which it said: “In order to guarantee the security of our customers’ funds, Union Bank will monitor accounts being used for cryptocurrency transactions and may impose restrictions including closure of such accounts.” The 100-year-old bank cited a series of cautionary statements from the CBN, which apparently do not completely prohibit virtual currency trading, to support its decision.

‘Worst Scammers’

Precious said the move was characteristic of the hypocrisy of Nigerian banks, whom he described as the “worst scammers.” He called out banks for manipulative charges for SMS alerts, card maintenance and other unmerited fees that are poisoning public trust in the institutions.

Outrage Over Union Bank of Nigeria’s Threat to Close Crypto-Related Accounts

“Come to think of it, the ATM maintenance fee that gets deducted from customers’ accounts hasn’t been labelled as scam yet! Our banking system is unfit and am sure one day banks will be a store for private keys and wallet addresses,” tweeted Awosika Ayodeji, echoing this sentiment.

Seyi broke down the operation of blockchain in simple terms to illustrate Union Bank’s supposed misreading of both the technology and the CBN directive. “Blockchain transactions are not done on your [bank’s] network … then why the cry. Why can’t you tell #Nigerians how you will block what is not happening on your system?”

Another Twitter user put the bank’s statement down to financial illiteracy on the part of the its staff. “I see we don’t go this way cos of our underpaid brothers and sisters that still work in the banks. However I dared @Unionbank_Ng to on behalf of the central bank publish their detailed report on #cryptocurrency and their research studies on #blockchain!”

Outrage Over Union Bank of Nigeria’s Threat to Close Crypto-Related Accounts

In January 2017, the central bank released a circular to financial institutions asking them not to use, hold or trade virtual currencies pending “substantive regulation and or [a] decision by the CBN.” A follow-up in February 2018 reiterated the same warning, adding that “virtual currencies are not legal tender in Nigeria … we wish to caution all and sundry on the risks inherent in such activities.”

The Union Bank’s sudden decision to monitor accounts has sent panic into Nigeria’s digital asset community. Reports have started to emerge of nervous crypto investors already withdrawing their money to avoid the possibility of their accounts being frozen.

What are your thoughts on banks closing accounts that have links with cryptocurrency? Let us know in the comments section below.


Images courtesy of Shutterstock.


Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com.

The post Outrage Over Union Bank of Nigeria’s Threat to Close Crypto-Related Accounts appeared first on Bitcoin News.

Bitcoin News

Nigeria’s Union Bank Threatens to Shut Down Cryptocurrency-Related Accounts

November 27, 2018 |

Nigeria's Union Bank Threatens to Shut Down Cryptocurrency-Related Accounts

A large commercial bank in Nigeria has threatened to shut down an undisclosed number of cryptocurrency-related accounts without explanation. Lagos-based Union Bank claims that any decision to do so would be in line with the Central Bank of Nigeria’s (CBN) past warnings about cryptocurrency trading.

Also read: Malaysian MP “Concerned About Threat” From Cryptocurrencies to Government Money

Panicky Customers Empty Account Balances

In a statement to account holders this week, Union Bank of Nigeria warned: “In order to guarantee the security of our customers’ funds, Union Bank will monitor accounts being used for cryptocurrency transactions and may impose restrictions including closure of such accounts.” The 100-year-old bank, which has $ 3.84 billion in assets, cited a series of cautionary statements from the CBN, which apparently do not completely prohibit virtual currency trading, to support its decision.

Nigeria’s Union Bank Threatens to Shut Down Cryptocurrency-Related Accounts

In January 2017, the central bank released a circular to financial institutions asking them not to use, hold or trade virtual currencies pending “substantive regulation and or (a) decision by the CBN.” A follow-up statement in February 2018 reiterated the same warning, but added “that virtual currencies are not legal tender in Nigeria … we wish to caution all and sundry on the risks inherent in such activities.”

However, Union Bank’s sudden decision to monitor accounts has shaken the west African country’s digital asset industry, the continent’s biggest. Reports have started to emerge of nervous crypto investors already withdrawing their money to avoid the possibility of their accounts being frozen.

Munachi Ogueke, co-founder of Cryset LLC — a Lagos-based over-the-counter bitcoin trading platform — told news.Bitcoin.com that several people within the Nigeria cryptocurrency space had received notifications of possible account closures from Union Bank. “Many are emptying their accounts and closing them down,” Ogueke said.

Anti-Money Laundering Regulations?

Nigeria’s Union Bank Threatens to Shut Down Cryptocurrency-Related AccountsIt is difficult to understand the motivation behind Union Bank’s unexpected assault on cryptocurrency-linked accounts. The matter is even more unclear in light of the CBN’s warnings, as neither of them explicitly said that cryptocurrency transactions were illegal. But Ogueke has suggested that commercial banks may have been given carte blanche by the CBN to close customer accounts without explanation, as long as their actions are in accordance with anti-money laundering rules.

Citing the January 2017 central bank circular, Ogueke explained:

Banks and other financial institutions that have cryptocurrency customers have the authority and can discontinue the relationship with such customers where the banks are not satisfied with the AML/CFT controls that enable compliance with the identification, verification, and transaction monitoring requirements.

Ogueke added: “In the absence of any regulation from the CBN, it can be safely concluded that the CBN by this circular, has given banks (such as Union Bank) the power to close accounts of cryptocurrency customers if the customer breaches anti-money laundering control requirements and where there are suspicious transactions.”

But Union Bank has said that its decision to monitor accounts does not mean that it necessarily suspects that some customers are violating anti-money laundering laws. Rather, it says it is becoming more vigilant to protect client funds, but Ogueke said he is doubtful, describing its justification as “flimsy.”

Nigeria’s Union Bank Threatens to Shut Down Cryptocurrency-Related Accounts
Munachi Ogueke

“How is blocking accounts associated with bitcoin securing the funds of your customers?” he quipped.

No other bank is known to have issued a similar threat. When news.Bitcoin.com reached out to Union Bank for comment, it repeated the statement it had sent out to its customers.

What do you think of Union Bank’s decision? Let us know in the comments section below.


Images courtesy of Shutterstock.


Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com.

The post Nigeria’s Union Bank Threatens to Shut Down Cryptocurrency-Related Accounts appeared first on Bitcoin News.

Bitcoin News

Union complains about United Airlines’ plan for fewer attendants on international flights

November 9, 2018 |

The union that represents flight attendants for United Airlines is objecting to plans by the Chicago-based carrier to eliminate one flight attendant position on most of its long-haul international flights, starting in February.

The airline says the move won’t “impact our customer experience” and…


L.A. Times – Business

Chechnya to Create Mining Pool for Eurasian Economic Union Countries

September 23, 2018 |

Chechnya to Create Mining Pool for Eurasian Economic Union Countries

Chechnya will create a Eurasian crypto mining pool, the press secretary of the head of the Chechen Republic has reportedly confirmed. The project aims to combine the resources of crypto miners from the Eurasian Economic Union countries.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Chechen Mining Pool

Alvi Karimov, the press secretary for the head of Chechnya, confirmed to RBC news outlet on Sept. 21 that a Eurasian crypto mining pool will be established in the Chechen Republic.

“The head of Chechnya, Ramzan Kadyrov, and Yuri Pripachkin agreed to establish a Eurasian mining pool in Chechnya,” a representative of the Russian Association of Crypto Industry and Blockchain (Racib) told the publication. Pripachkin is the president of Racib.

Chechnya to Create Mining Pool for Eurasian Economic Union Countries
Ramzan Kadyrov (left) and Yuri Pripachkin (right). Photo credit: Racib.

Noting that “The project should unite the resources of the miners from the countries of the Eurasian Economic Union (EAEU): Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan,” the publication detailed:

The pool will be the first step in the implementation of the ‘Crypto Chechnya’ program, which is aimed at developing the region’s economy with the use of blockchain technologies.

Dmitry Marinichev, Russia’s Internet Ombudsman appointed by President Vladimir Putin in 2014, believes that “mining pools in Russia have great potential due to the cold climate in many regions and inexpensive electricity,” the publication conveyed.

Regulatory Sandbox

Chechnya to Create Mining Pool for Eurasian Economic Union CountriesRBC reported that Racib and the Chechen Republic will submit an application to the Bank of Russia in the next few days to operate the mining pool within the framework of the country’s regulatory sandbox.

Pripachkin explained that the mining pool can only be launched “after the adoption of the laws regulating the operation of cryptocurrency in the territory of Russia,” adding that “It is assumed that the relevant bill will be considered by the State Duma in the autumn session,” the publication noted.

According to the association’s estimates:

The potential effect of launching a site in Chechnya with the appropriate authority may increase the tax revenues of the republic by more than 10% per year.

Chechnya to Create Mining Pool for Eurasian Economic Union CountriesRacib also believes that the mining pool and other development in the sector “will help Russia significantly increase the share of world production of cryptocurrency,” the news outlet described. The association added that “Today in Russia, there are more than 350,000 private miners and up to several thousand mining farms,” RBC conveyed. In August, news.Bitcoin.com reported on Pripachkin saying that, in the first half of this year, “the number of mining enterprises in Russia has increased by 15% to 75,000,” noting that “Russia accounts for about 6% of the world’s mining market.”

Russia is currently developing a regulatory framework for cryptocurrency. Three bills were submitted to the State Duma in May. However, after the first reading in the spring, the regulators postponed the second reading and the final voting to the fall session, as news.Bitcoin.com previously reported.

What do you think of Chechnya creating a mining pool? Let us know in the comments section below.


Images courtesy of Shutterstock and Racib.


Need to calculate your bitcoin holdings? Check our tools section.

The post Chechnya to Create Mining Pool for Eurasian Economic Union Countries appeared first on Bitcoin News.

Bitcoin News