Britain and the US Compete to Foster New Payment Systems, Bitcoin
New regulation to be enacted in the UK could see Bitcoin exchanges and related services enjoy access to faster payments and considerably increase liquidity as the United States is also considering similar incentives in an attempt to foster emerging payment systems. Legislation published by the Payment Systems Regulator (PSR) requires that “pan GB operators” who are not already subject to specific access requirements to have “objective, risk based and publicly disclosed Access Requirements, which permit fair and open access.” Access to payment systems has been an issue, which has long....
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Chancellor George Osborne has announced a new initiative that will explore the potential role of cryptocurrencies in Britain's economy. Osborne has commissioned the Treasury to produce a programme of work on cryptocurrencies, examining their potential risks and benefits. The results, due to be published in the Autumn, could pave the way toward a new regulatory framework for cryptocurrencies in Britain. "These alternative payment systems are popular as they are quick, cheap and convenient I want to see if we can make more use of them for the benefit of the UK economy," he said during his....
As Britain plans to exit from the European Union, London-based fintech companies plan to exit Britain. There have been discussions about the United Kingdom exiting from the European Union for a while now. Most of us know that the European Union is not doing that great when it comes to the economy. Many EU countries have been suffering from economic slowdown for years. Greece has been in financial ruins for years now, France is not doing so good either, Germany, Netherlands and rest of the Europe are affected by the counter-sanctions imposed by the Russian Federation. The United Kingdom has....
If comments from JPMorgan's CEO are any indication, the financial giant considers Bitcoin a competitor — and it plans to compete. Bitcoin developers “are going to try and eat our lunch,” JPMorgan Chase Chairman and Chief Exectutive James Dimon said, at the Institute of International Finance annual meeting, as reported by Institutional Investor. “And that’s fine. That’s called competition, and we’ll be competing,” he added. The Institute of International Finance is a global financial alliance; the world's financial leaders congregate annually for the membership conference, where the....
Blockchain technology enables quicker, lower-cost, and more secure payment systems, as well as a distributed ledger that can foster trust among participants. Although blockchain began as a support platform for digital currencies, it has now been implemented into a variety of industries, including payments. In actuality, the traditional payment system has been riddled with flaws and urgently needs a revamp. In many circumstances, it might take days to conduct a transaction with additional costs and low security. This is why people are hesitant to use payment methods to keep or transact....
The virtual currency Bitcoin cannot be used in Ukraine as a means of payment. The above was announced in a post on the official website of the National Bank of Ukraine (NBU). According to the regulator, Bitcoin and other cryptocurrencies represent "money substitutes.” It should be clarified, however, that the announcement does not officially ban Bitcoin as no actual law was passed to date. The NBU simply reiterated its previous position, warning citizens to be vigilant of potential scams with Bitcoin, which is “often used for illegal activities.” "In order to protect consumers' rights and....