Spain Considering Bitcoin as an Electronic Payment System
The Spanish Government releases new rulings identifying Bitcoin as an electronic payment system. The governmental clarification came upon an inquiry from Spain-based Bitcoin startup Coinffeine. Back in April, Abanlex, the law firm representing Coinffeine, reached out to the Ministry of Finance and Public Administration (El Ministerio de Hacienda y Administraciones Públicas) as well as Congress, to obtain a clear legal definition of Bitcoin. "The 'big-theme' news here is that Spain is starting to treat bitcoin more like a currency than as an asset, which is the inverse of what the US has....
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The Spanish government agency that oversees matters of finance and taxation has issued a new ruling stating that bitcoin should be treated as an electronic payment system, a decision that could have a far-ranging impact on Spain's bitcoin economy. El Ministerio de Hacienda y Administraciones Públicas issued the ruling in response to questions from Coinffeine, a Spain-based, open-source bitcoin exchange platform. Abanlex, the company's law firm, had previously reached out to both El Ministerio de Hacienda and the country's Congress seeking clarity on two issues in April. With its response,....
The great potential for crytpocurrencies and Bitcoin in particular to change business practices is becoming a reality all over the world. The United States continues to be the main beacon for technological innovation in business, but Europe is also part of this story. Even if Europe stand as a region with deep historical links with technological innovation, the current times has been one of doubt about the capacity of the old Continent to keep up to date with technological progress, especially about business innovation. The Crytpocurrencies and Bitcoin space of innovation is no exception.....
As previously reported on CNN, Ecuador has now started to implement their new electronic cash system through the Central Bank of Ecuador. Ecuador has long needed a better and more inclusive way to integrate the sixteen million Ecuadorians into the nation's economy and banking system. Approximately 40% of the population are "unbanked", so this can have many benefits to the state and the economy as a whole. The Central Bank of Ecuador held a press conference to reveal the details of the EMS or Electronic Money System. As of now, the US Dollar is the de facto national currency and will be....
Over the last decade, the definition of payments has drastically changed, with the good old currency notes taking the back seat as more and more people flock towards electronic payments. However, electronic payment methods weren’t perfect either as financial institutions slapped high processing fees for such transactions, not to mention the delays one continues to […]
All individuals and institutions in the country, including banks, will have to sign up using the new AML registry from the Bank of Spain. The central bank of Spain is introducing new registration guidelines for local virtual currency service providers, or VASPs, including banking institutions.The Bank of Spain has issued instructions on VASP registration for Anti-Money Laundering, or AML, purposes, requiring institutions to submit their registration requests through an electronic registry, Cointelegraph en Español reported on Monday.Issuing the guidelines on Oct. 19, the Spanish central....