ECB Feels Threatened by Bitcoin, Ask EU to Rein in Virtual Currencies
The ECB, in its legal opinion, asks EU institutions to stop promoting Bitcoin and other virtual currencies to ensure that the Central Bank continues to maintain control over the monetary system. Bitcoin is probably the most disruptive innovation of this century. As the decentralized cryptocurrency continues to revolutionize the global financial system, the European Central Bank has started to feel the heat. In a recent statement, ECB has asked lawmakers in the European Union to tighten the regulatory screws around Bitcoin and other digital currency to save itself from losing control over....
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The US government is has got a lot invested in finding ways to disrupt the creation and usage of new cryptocurrencies. The United States has gotten used to being the top dog in the world’s economic system, thanks to the wide adoption of US dollar as reserve currency. The US economic system was probably responsible for the creation of Bitcoin as well. The digital currency was first introduced during the aftermath of US financial crisis brought upon the world by the country’s banking system. Now, the increasing popularity of Bitcoin has threatened the dominance of US dollar and the country’s....
In an email from Ebay they share their plans to open trade for cryptocurrencies like Bitcoin on 10th February 2014. This is a shift from their present policy that bans the sale of digital currencies. Many virtual currency experts are urging caution when trading virtual currencies on EBay using Paypal, however, as the risk for charge backs are still very real using PayPal. At it's core, EBay is built to be a major venue to trade these assets. Forecasting an advancement in payment processing as large as virtual currencies offer was impossible when EBay bought PayPal in 2002. Not a person in....
In an effort to warn the public about the risks associated with virtual currencies, USA.gov published a list of Five Things You Should Know About Virtual Currencies. The article aims to simplify what virtual currencies are all about and why people should think about the risks involved before choosing to invest in it. It defines virtual currencies as a digital form of money that can be used for purchasing goods and services typically online and can also be exchanged for other currencies such as the U. S. dollar. Risks of Virtual Currencies. The article also warned that these types of....
A new Bitcoin-based decentralized freelance platform called Rein has completed its first end-to-end transaction. The service offers two kinds of multisig escrow contracts that can enable people to pay for jobs like graphic design, freelance writing, and so on. After the generation of some standalone Bitcoin keys and installation of the platform, anyone can offer their professional services globally for the digital currency. The Reinproject.org website states: Rein is a new Python application created to decentralize the labor market and offers an “easy way to earn Bitcoin.” The ReinProject....
Two weeks after his agency held extensive hearings on the subject of regulating virtual currencies, New York Department of Financial Services (NYDFS) superintendent of financial services Benjamin Lawsky has issued statements that provide greater insight into the actions the state may take when it seeks to enact bitcoin legislation this year. Most notably, Lawsky indicated that the NYDFS now feels as though existing money transmission regulation will not be sufficient for virtual currency firms. Further, he suggested the NYDFS could move to mandate that all virtual currencies maintain a....