Bitcoin Banking, Solving ID Theft, and Why Regulators Should Love Pasties
Welcome to the CoinDesk Weekly Review 21st March 2014 - a regular look at the hottest, most thought-provoking and most controversial events in the world of digital currency through the eyes of scepticism and wonder. Your host ... John Law. No accounting for the taxman. UK readers may have been too busy drinking beer and playing bingo with their pensions to notice, but this week's Budget statement had one little snippet tucked away that may do more to promote bitcoin than if Newsweek revealed Satoshi Nakamoto was really Stephen Fry in a kimono. In the future, muttered Chancellor George....
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Just when you thought the folks in Europe were in love with bitcoin, regulators at the European Banking Authority (more commonly known as EBA) have released a warning to European citizens on the dangers of bitcoin. Thankfully, the warning is designed to educate citizens on the possibility of theft and fraud, noting especially that those who dabble in bitcoin are not protected by EU regulations, and as such, should take caution when getting involved in the world of digital currencies. "Consumers should be aware that exchange platforms tend to be unregulated and are not banks that hold their....
Speaking at the Wired Money 2015 event, bitcoin expert and author Andreas M Antonopoulos said that "Bitcoin is the Internet of Money and currency is just the first act." Antonopoulos said that most people don't have the correct understanding of money, emphasizing that there is a fine distinction between money and currency. "Bitcoin is not a currency," he said. It is a "network-centric model for recording ownership and trust". It is the "internet of money and currency is just the first act". Bitcoin Can Solve Identity Theft Problem. While most of the cryptocurrency experts dwell on the....
According to the Financial Conduct Authority, Tesco Bank needs to refund unauthorised payments immediately. Banking woes can hit anyone in every country at any given time. Customers of Esto Bank have come to realize that fact, although there are dire consequences. Online payments for all account holders have been halted, and over 20,000 accounts are affected by an unspecified theft. Things aren’t looking all that good for these UK bank customers, to say the least. Not having access to banking services is bad enough, but losing money is never a fun experience. Over 20,000 Tesco Bank users....
On March 1, web hosting provide Linode's servers were hacked, resulting in a theft of 3000 BTC from Slush and, most severely, 43000 BTC from Bitcoinica. There have been two major Bitcoin heists before, one 25000 BTC theft in June and a 17000 BTC theft from the Bitcoin exchange bitomat.pl in August, resulting in the exchange being bailed out and acquired by MtGox. Security is a major issue in the Bitcoin community, and many are worried that if they want to carry out a significant portion of their economic activity in bitcoins their money will not be safe. Many traditional banking proponents....
The Association of Russian Banks is worried about regulators being unable to track illicit transactions of an offline-enabled digital ruble. Russia’s central bank digital currency, or CBDC, could contain a number of risks related to cybersecurity and fraud, according to several local financial institutions.The Association of Russian Banks, or ARB, has released its official feedback on Russia’s digital ruble project on Jan. 13. The study included 17 ABR credit institutions in Russia accounting for 58% of the total assets of the domestic banking system. According to the report, the majority....