Russia and digital currency are in the news together yet again, only this time, it’s not out of an ongoing war of words, but because Russia is in the process of creating a cryptocurrency all its own. Known as the bitruble, the virtual currency will likely be launched next year through its parent company Qiwi if financial advisors in Russia are willing to look beyond their fears and distrust of bitcoin, a regular topic amongst monetary experts in the red country. So far, the nation has had a public up-and-down relationship with cryptocurrency. Following a 50 percent drop in the value of the ruble last year, Russia countered the currency’s fall by expressing its animosity towards digital monies, explaining that they cannot be trusted due to usage in criminal and…
New York has always offered sightseers some wonderful things. Between the Empire State Building, the Statue of Liberty and Broadway, all one has to do is stroll into the “city that doesn’t sleep” in order to have a good time. But New York also has a dark side. A city that was once notorious for crime-ridden dark alleys and filth, New York now offers a whole new form of terror… the BitLicense. Throughout the year, the document has witnessed growing dislike amongst bitcoin businesses and companies that would delve in digital currency. While former Superintendent Benjamin Lawsky and those currently in charge of cryptocurrency-related regulation would likely swear by the BitLicense’s “methods for correction,” others, particularly those in the bitcoin industry, would…
Scotland is being urged to create its own digital currency. Known as the ScotPound, the currency would operate in an identical manner to bitcoin. A Scottish think tank is suggesting that approximately S£250 be given to every citizen in order to jumpstart activity and get the “ball rolling” on the United Kingdom’s latest trend in digital finance. Scotland’s economy is undergoing a period of slow growth, and the NEF believes that this new currency could be a positive method for increasing individual spending power amongst citizens while preventing an increase to Scotland’s national debt. ScotPound, naturally, would only be accepted in Scotland. Therefore, the money, regardless of its digital attributes, would be used strictly within Scotland’s borders. Economic…
In an interview with a publication, blockchain specialist Nick Szabo has said that the banks would need to abide by the same principles as are followed by the Bitcoin, if they want to get more out of blockchain. For that, he said, the banks will have to accept the system of ‘permissionless blockchain.’ He also said that if the banks decided to go on the path of permissionless blockchain then they will not only do as good as the current companies but also may end up surpassing them. However the cryptocurrency specialist was quick to point out that since the bureaucracies are keenly focused on the importance of regulations hence, it would be extremely difficult for the banks to break-free of them. He further struck a cautionary note when he said that the blockchain…
Bitcoin businesses and the New York Department of Financial Services have had a rocky relationship over the past several months. While the NYDFS and their former head honcho Benjamin Lawsky, who served as the organization’s Superintendent up through June of this year have sworn that their methods are being invoked to provide aid and financial security, many digital currency firms have expressed anger and disappointment, claiming regulation harms innovation and customer privacy. Many businesses, ranging from LocalBitcoins to Kraken have simply packed up their bags and left New York or flat-out refused operations with customers currently residing in the Big Apple. Any New Yorkers interested in buying and selling Bitcoin are now being forced to cross the river…
A unification of all the leading Bitcoin companies is needed to efficiently promote the digital currency, believes BitPay. Sonny Singh, chief commercial officer at BitPay, thinks that the biggest of all the Bitcoin companies are trying their best to hide their affairs from each other. In his opinion, such a competitive attitude is doing nothing but hampering the growth of Bitcoin as a product. “I think a problem Bitcoin faces is that the largest companies — Coinbase, BitPay, Circle, Xapo — they should all kind of work together and talk more among each other,” Singh told Ian Allison of IBTimes, while referring “milk” as an ultimate example of collective brand awareness. ‘Have a Bitcoin Association’, he suggests. ‘Like in America they used to have those…