Archive | April, 2016

Tramonex receives £248k from the UK government for blockchain-based cross-currency payments

April 29th, 2016 by

Innovate UK has awarded £248,000 to Tramonex to develop a prototype for cross currency payments using blockchain technology. The £248,000 grant will be used for building a blockchain-based platform that can execute 10-minute foreign exchange transfers. The platform will be fully automated and will perform all the necessary KYC/AML procedures to remain compliant with existing […]

Russia is considering legislation that would fine and jail bitcoin users

April 29th, 2016 by

The Finance Ministry in Russia plans to submit legislation next month that would impose fines of up to 2.5 million rubles ($38,000) and jail sentences of up to seven years on digital currency users. “Bitcoin can be used to finance the shadow economy and crimes, and this risk we cannot allow in the Russia’s financial […]

Central Bank of Russia official: Bitcoin and Blockchain are separate

April 28th, 2016 by

The head of newly established Department of Financial Technologies, Projects, and Process Organization of the Bank of Russia Vadim Kalukhov insists that the terms “bitcoin”, “blockchain” and “distributed ledgers” shall be considered separately. Kalukhov added that the Central Bank closely follows researches on digital national currencies carried out by other regulators. “First of all, we […]

British government exploring potential blockchain use cases to track taxpayer money

April 27th, 2016 by

The British government could use blockchain technology to track student loans and aid money, according to Minister for the Cabinet Office Matt Hancock. Hancock said the government was examining how the technology could be used to manage and keep track of the distribution of public money, such as grants and student loans, saying it could […]

Latin American bank Itaú joins R3 blockchain consortium

April 27th, 2016 by

Itaú Unibanco has announced a partnership agreement with private blockchain consortium R3. Itaú is the first company in Latin America to join the R3 consortium, which consists of more than 40 of the largest financial institutions in the world for developing state of the art commercial applications for the market. “We are convinced that these […]

Bitstamp becomes the first fully licensed bitcoin exchange in Europe

April 26th, 2016 by

Bitstamp has become the first bitcoin exchange to be granted a national license in Europe. The license will go into effect on July 1st and marks the first time that a bitcoin exchange acquires the license as a fully regulated payment institution, in the world. The license was signed by Luxembourg’s Minister of Finance Pierre […]

European Central Bank launches experimental work with blockchain tech

April 26th, 2016 by

The European Central Bank announced that it is doing “experimental work” with the blockchain technology but it needs further research before considering adopting it. Yves Mersch, Member of the Executive Board of the ECB, at Deutsche Bank Transaction Bankers’ Forum 2016, said that the ECB has launched some experimental work with distributed ledger technologies (DLTs). […]

Russia to hold digital currency conference in June

April 25th, 2016 by

The State Duma of the Russian Federation has scheduled a digital currency conference to take place on the 2nd of June, 2016. According to a leaked letter posted on Forklog – which is allegedly signed by Duma Chairman Andrey Lugovoy – the conference is titled “Electronic Currency in Light of Contemporary Legal and Economic Challenges”, […]

Bitstamp is working with Luxembourg government to secure European license

April 22nd, 2016 by

Bitstamp is reportedly working with the Luxembourg government to launch a licensed bitcoin exchange across 28 European countries. According to sources, Bitstamp may have secured a payment institution (PI) or electronic money institution (EMI) license from Luxembourg regulators, a move that the company has reportedly said would allow it to become “the first regulated and licensed bitcoin […]

Russian Ministry of Finance postpones bitcoin ban bill

April 21st, 2016 by

The Ministry of Finance announced that the draft law that seeks to ban circulation of digital currencies such as bitcoin in Russia still needs a lot of corrections and will enter the State Duma later than expected. Deputy Finance Minister Alexei Moiseev told that various additions and corrections to what was regarded as the […]