By LINGLING WEI
SHANGHAI—The U.S. Federal Reserve is examining potential risks associated with online payment providers such as PayPal and Bitcoin, a top Fed official said at an international monetary conference on Monday.
Agence France-Presse/Getty Images
The remarks by Ms. Yellen, who is widely seen as a top contender to succeed Fed Chairman Ben Bernanke if he steps down when his term expires early next year, comes as U.S. authorities have beefed up supervision over online payment mechanisms.
The U.S. Treasury Department ruled in March that companies issuing or exchanging online cash, including currencies not backed by a central bank, would be subject to traditional money-laundering rules.
The Department of Homeland Security last month seized an account tied to Mt. Gox, a Bitcoin digital currency exchange operator, alleging the company and a subsidiary were conducting transactions "as part of an unlicensed money service business."
The rising popularity of virtual currencies is being fueled by Internet merchants, as well as by users' concerns about privacy, jitters about traditional currencies and efforts to move money for illicit purposes.
One of the fastest-rising alternative cash products is Bitcoin, an online currency launched in 2009 that isn't backed by a central bank or controlled by a central administrator.
Separately, U.S. officials last week brought charges against a group of men behind Liberty Reserve, a virtual currency site that allegedly laundered about $6 billion in ill-gotten gains.
"This is very much on our radar screen and we are carefully trying to identify where the risks are," Ms. Yellen added, referring to concerns over those new online payment mechanisms.
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4. With this in place, join various network sites hosting merchants' products/services. There's usually no charge. You join; you get your own referral link code, so that you can send people to the destination with your own code branded into it. This way, the merchant can determine that the sale was originated by you and you earn a commission.
5. Choose from the more popular sites for information and/or hard products or services. Many of the products or services offer very generous commissions.
6. You can also examine the links that appear here and join the sites.
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10. Go ahead and promote your website. You should get many visitors to your website in order to be able to get enough sales.
11. Do a review of the product/service of your website and make a recommendation. A very good way is to review products/services and point out their pros and cons and rate them according to their quality.
12. Even better is to have your own experience with that product/service and share it with your visitors.
13. Only a small number of your visitors are likely to follow your advice and buy and this also provided that you've done an honest and good job promoting it.
14. You should take a look from time to time in the stats in your account at the network company to see how you perform. The good thing is that you don't necessarily have to deal with the merchants. You can just join a reliable and reputable network hosting the products/services and doing all the work for you.
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So what are the risks? With any new start up company you are at risk if the company doesn’t make it. Plain and simple. If you focus on promoting only one product, service, affiliate program or business opportunity and it doesn’t sell or the company goes down – you have nothing! But when you create multiple streams of income – if one of the streams dries up – it’s a bummer but not catastrophic.
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Federal Reserve Vice Chairwoman Janet Yellen speaking at an international monetary conference in Shanghai on Monday.
"We have been talking at the Fed and
with banking organizations, trying to understand what the concerns are
with these new payment mechanisms," Fed Vice Chairwoman Janet Yellen
said at a panel discussion, in response to a question about regulatory
scrutiny over online payment providers such as PayPal, a unit of eBay Inc.
EBAY -1.85%
of the U.S.The remarks by Ms. Yellen, who is widely seen as a top contender to succeed Fed Chairman Ben Bernanke if he steps down when his term expires early next year, comes as U.S. authorities have beefed up supervision over online payment mechanisms.
The U.S. Treasury Department ruled in March that companies issuing or exchanging online cash, including currencies not backed by a central bank, would be subject to traditional money-laundering rules.
The Department of Homeland Security last month seized an account tied to Mt. Gox, a Bitcoin digital currency exchange operator, alleging the company and a subsidiary were conducting transactions "as part of an unlicensed money service business."
The rising popularity of virtual currencies is being fueled by Internet merchants, as well as by users' concerns about privacy, jitters about traditional currencies and efforts to move money for illicit purposes.
One of the fastest-rising alternative cash products is Bitcoin, an online currency launched in 2009 that isn't backed by a central bank or controlled by a central administrator.
Separately, U.S. officials last week brought charges against a group of men behind Liberty Reserve, a virtual currency site that allegedly laundered about $6 billion in ill-gotten gains.
"This is very much on our radar screen and we are carefully trying to identify where the risks are," Ms. Yellen added, referring to concerns over those new online payment mechanisms.
========================================================================================== Explode Your INCOME. Make more money with a powerful online Home Business. You can earn a Full time Income on a Part Time basis while keeping your current Job. When you Love the Idea of Network Marketing and Residual Income, but HATE Cold Calling & Having to Pitch your Friends and Family... You Earn cash while Surfing the Web. Earn cash for Referrals with Trusted Programs. Check it out:
1. You’ve got to have a website or a blog, of course the easiest and most practical Way to Promote Referral Items.
2. Use Valid Email Address.
3. Signing up free for an account with a payment processor such as "Payza".
4. With this in place, join various network sites hosting merchants' products/services. There's usually no charge. You join; you get your own referral link code, so that you can send people to the destination with your own code branded into it. This way, the merchant can determine that the sale was originated by you and you earn a commission.
5. Choose from the more popular sites for information and/or hard products or services. Many of the products or services offer very generous commissions.
6. You can also examine the links that appear here and join the sites.
We have spent the time and put in much effort to create for you something extraordinary! Go to the websites, relax, watch the videos, and get ready...they Can Easily Make you Financially Independent and many more!. You will have more reliable ones as you continue to hang on here
7. Once you joined, just do a search in the network company to find your favorite product/service.
8. Grab your code and promotional creative, text, banners, etc.
9. Place the link on your website.
10. Go ahead and promote your website. You should get many visitors to your website in order to be able to get enough sales.
11. Do a review of the product/service of your website and make a recommendation. A very good way is to review products/services and point out their pros and cons and rate them according to their quality.
12. Even better is to have your own experience with that product/service and share it with your visitors.
13. Only a small number of your visitors are likely to follow your advice and buy and this also provided that you've done an honest and good job promoting it.
14. You should take a look from time to time in the stats in your account at the network company to see how you perform. The good thing is that you don't necessarily have to deal with the merchants. You can just join a reliable and reputable network hosting the products/services and doing all the work for you.
Click here to check out some of the best PTC sites.
So what are the risks? With any new start up company you are at risk if the company doesn’t make it. Plain and simple. If you focus on promoting only one product, service, affiliate program or business opportunity and it doesn’t sell or the company goes down – you have nothing! But when you create multiple streams of income – if one of the streams dries up – it’s a bummer but not catastrophic.
Here, we will always preach the power of PRODUCTIVE LIVING and of creating MULTIPLE STREAMS OF INCOME as a way to help you make for yourself a large, stable, diverse, passive residual income with less effort and less cost. Earn instant multiple income streams daily. Keep coming back to the blog as we keep on identifying the best methods, unique strategies, effective techniques to earn unlimited income from paid to click, surf, read, promote and sign up excellent passive income sources. These are revolutionary ways to make money online. We select, review and recommend to our associates the best PTC paying sites. In a nutshell, we are helping thousands of people worldwide become their own boss from their own home. The best part is No matter how much experience you have online you can make money month after month! So, Stay subscribed for more-make-money tips & tricks...
Are you interested in generating income from Transport Partnership Click here to check it out!
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