Archive | August, 2015

Reserve Bank of India Deputy Governor: Bitcoin should be regulated

August 31st, 2015 by

Reserve Bank of India (RBI), deputy governor Subhash Sheoratan Mundra stressed the need to regulate cryptocurrency market in the country. Mundra suggested that global coordination among regulators is needed to address the volatility and crime-related risks of digital currencies. “These are the kinds of global innovations and by very nature and design. it will be […]

Barclays to allow charities to accept bitcoin

August 31st, 2015 by

Barclays announced it will use bitcoin as an alternative payment method by allowing charities to accept donations later this year. Barclays hinted that it had entered into a partnership with an unnamed “bitcoin exchange or spending platform”, and that it would seek to begin a formal rollout of the service by 2016. “Barclays is enabling […]

Visa to launch blockchain research in India

August 24th, 2015 by

Visa Inc. announced that the company will soon have a team of engineers at its Bangalore, India office to use blockchain, the technology underlying Bitcoin, to improve its digital payments processes. “For now, the focus of this technology innovation centre will be on Visa Checkout and mVisa, but for certain, India will soon have teams […]

BitQuick pulls services from New York

August 24th, 2015 by

BitQuick announced that it is shutting down its operation in New York. “$5,000 for a new startup is a deep expense. When you’re talking about many companies who are in pre-seed stages, they don’t even stand a chance to try. New York isn’t a problem now; we’ll have to wait for them to come around. […]

Central Bank of Nigeria calls for Bitcoin regulation

August 20th, 2015 by

The Central Bank of Nigeria (CBN) has made a case for the regulation of virtual currencies like Bitcoin to save the country from international sanctions. The CBN Deputy Governor of Financial System Stability, Dr Okwu Nnanna warned that to curb money laundering in Nigeria, virtual currencies must be regulated. Obot Akpan, Financial Policy and Regulation […]

Spanish tax authorities clarify how existing tax laws applies to bitcoin losses

August 20th, 2015 by

Spain’s Dirección General de Tributos (DGT) have clarified how the country’s existing tax laws should be applied to losses incurred by the collapse of a bitcoin exchange, the result of a scam or a situation of insolvency. DGT noted these kind of situations were covered by the existing Personal Income Tax Law and that, in […]

22 businesses applied for BitLicense according to the NYDFS

August 20th, 2015 by

The New York Department of Financial Services (NYDFS) announced that they have received 22 applications for the BitLicense in order to engage in the virtual currency business in the greater New York state area. Matt Anderson, the NYDFS deputy superintendent for public affairs said, that the double digit number of applications shows optimism and substantial […]

Estonia Central Bank denies countrywide use of Blockchain

August 20th, 2015 by

European Securities and Markets Authority (ESMA) recently released documents that suggested that the Estonian financial system is relying on the use of blockchain technology to secure information, but the country’s central bank has refuted such statements. In response, Piret Putko, a spokesperson of Estonia’s central bank said, that although there have been efforts in the […]

OCC asks for balanced Bitcoin regulation in US

August 20th, 2015 by

The chief of the Office of the Comptroller of the Currency (OCC) has came in support of a balanced approach when it comes to regulating new financial technologies like Bitcoin. Curry quoted Bitcoin as a great example of encouraging both financial innovation and risk management practices, and acknowledged it for bringing features that let institutions […]

FinCEN: Precious metals dealers using bitcoin’s blockchain are considered money transmitters

August 20th, 2015 by

The US Financial Crimes Enforcement Network (FinCEN) has announced a ruling that businesses using Bitcoin’s blockchain to transfer precious metals are considered money transmitters. The ruling came in response to an inquiry from an unnamed company, which engages in the brokerage and storage of precious metals. It issues a “digital proof of custody”, registered on […]