Bitcoin is the Best Unit of Account
In an earlier article, I conceded too much and suggested that Bitcoin doesn’t need to be a unit of account. What I should have said is that Bitcoin is a great unit of account—much better than the dollar. The objection that Bitcoin is not a good unit of account actually hides a circular argument that invalidates it. Bitcoin’s utility as a unit of account depends on what you already believe about Bitcoin. If you are skeptical of Bitcoin, then it makes no sense to use Bitcoin as a unit of account. If you believe that Bitcoin will become the world currency, then it makes no sense to use....
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On January 1, 2017, the Central Bank of the United Arab Emirates (UAE) published a new framework covering digital payments in the country. According to the new “Regulatory Framework For Stored Values and Electronic Payment Systems,” which is applicable to all electronic payment services providers, “all Virtual Currencies (and any transactions thereof) are prohibited.” In the new framework, the definition for virtual currencies that the central bank has identified is “any type of digital unit used as a medium of exchange, a unit of account, or a form of stored value.” This would suggest....
Russian president Vladimir Putin has stated that use of Bitcoin “as some kind of unit in some account” is “possible” in a surprisingly supportive gesture towards the currency. The remarks were made during a televised forum and constitute the first official utterances from Putin regarding digital currency, Russian news portal RIA Novosti reports. Speaking about Bitcoin specifically, Putin said: “[… ][A]s an accounting unit, these 'coins' or whatever are they called, they can be used, and their adoption becomes wider and wider. As some kind of unit in some account, probably, it's possible.”....
This article corresponds with David Mondrus' January 29th post entitled "In Mining, We Trust" to the extent that this piece explains from an accounting perspective why a distributed public ledger might be needed, but does not provide a detailed technical description of how it would work. Anyone who spends more than a few minutes around Bitcoin people will eventually be engaged in a discussion about what Bitcoin REALLY is. You know the one that I mean: the conversation usually begins with an argument about capitalization. "Bitcoin" is an encrypted, decentralized system of exchange (payment....
Siemens AG will establish a dedicated business unit under the name, “next47,” to accelerate the development of new technologies, including blockchain applications. The name refers to the company’s founding in 1947. The new unit will combine the independence, speed and agility with Siemens’ financial strength and credibility in serving a global customer base. One of its goals is to address blockchain applications intended to simplify and securitize data transfer in industry and energy trading. €1 billion To Be Invested. Siegfried Russwurm, chief technology officer, said the company will....
The public prosecution of the Federal District, located in the center-west region of Brazil, has launched its own cryptocurrency investigation unit. The newly formed unit will focus its activities on aiding other prosecutors in cryptocurrency investigations, and also educating consumers about the safe use of cryptocurrencies.
Cryptocurrency Crimes Unit Launched in Brazil
Cryptocurrency crimes have several traits that make them difficult to detect by traditional intelligence units. This is why some countries have already dedicated part of their budget to building resources to face....