Digital Currency Weekly Recap 1-31-2016
EU Holds Off on Digital Currency Regulation… For Now
After months of debate about how to more strictly regulate digital currency, the European Union has recently come to the conclusion that no action will be taken at the present time. At a hearing on the matter, the European Parliament announced that it would take no steps to regulate digital currencies like Bitcoin and DNotes, opting instead to monitor the technology’s progress.
As many will remember, concerns about cryptocurrency intensified in the aftermath of last year’s Paris terror attacks, and similar terrorist actions in the United States and elsewhere. The EU and other government agencies around the world focused much of their public attention on the potential use of digital currency as a funding tool for ISIS and other terror groups. Since then, a number of government-directed studies have concluded that there is no evidence that cryptocurrency is being used in that manner.
This most recent EU decision, however, is being justified not by those studies’ conclusions but rather by the common desire to avoid the type of excessive regulation that might inhibit crypto’s development. The EU is on record as believing that cryptocurrency’s potential for positive disruption in the financial sector and elsewhere currently outweighs its potential use in illicit activities.
Coin of View to Offer Info on Top 300 Cryptocurrencies
In an interview with Coin Telegraph, Coin of View’s founder explains the main goals of his company’s informational website. Unlike other such sites, Coin of View is designed to not only provide market details, but analysis of each of the top 300 digital currency’s blockchain, source code, and P2P network. The site also plans to include exchange data and information about development, mining, and more. You can read the published interview here.
IOTA to Enter Beta Phase
The non-blockchain, Tangle-based IOTA token is preparing to enter its beta stage, and will be made available to test users within the next few weeks. In a recent interview published on Coin Telegraph’s website, IOTA co-founder David Sonstebo provided some insight into how the cryptographic token and its Tangle network can provide greater network decentralization and enhanced scalability.
The IOTA system involves no fees, which could be a major benefit for the forecasted Internet of Things that will see massive quantities of data exchanged in real time. The removal of transaction fees could facilitate greater buy-in throughout the marketplace, while providing businesses and consumers a more efficient system for so-called microtransactions.
Bank of America Drafting 20 More Crypto Patent Applications
Last year, we noted Bank of America’s effort to obtain digital currency patents, as the banking giant applied for a total of 15 blockchain concept patents. According to a company spokesperson, the bank is currently in the process of drafting an additional 20 applications to submit to the US Patents and Trademark Office.
BoA has asserted that this is all part of its efforts to protect its interests in securing blockchain intellectual property. To date, published applications have included attempts to patent payment systems and other ideas that the bank is exploring as part of its own innovation efforts.
In Case You Missed It…
If you want to read more about the European Union’s take on digital currencies, and its decision to monitor rather than regulate, check out Evander Smart’s EU Governance Takes An Official Stance on Digital Currencies. Elsewhere, Nick Marinoff takes a look at the launch of a new service that promises to simplify the process of exchanging virtually every form of value known to man. You can read it here: The Launch of PayServices.com Has Come.