Digital Currency Weekly Recap 10-18-2015

digital currency


Digital Currency Weekly Recap 10-18-2015


Russian Payment Processor Qiwi Pressing Forward with Plan for New Cryptocurrency

In recent news related to the ongoing standoff between the government of Russia and the digital currency universe, the giant payment company Qiwi appears to be pressing forward with its plans for a “Bitruble” cryptocurrency. The firm has reportedly started the process for acquiring a trademark for the name with the Federal Service for Intellectual Property, as well as domain names associated with the term. Qiwi is also considering the potential benefits of using commodities to provide real-world backing for the Bitruble market.

The current standoff has companies like Qiwi at odds with the Russian government. Officials of that government have adopted the position that the nation’s federal laws recognize only the ruble as acceptable Russian currency. While the company’s current timetable for launching its initiative has it on pace to release in 2016, that date remains tentative until the firm learns how the Russian Central Bank plans to respond.

Poland Punts on Crypto Regulation; Defers to EU

The Polish Ministry of Finance has deferred to the European Union on the issue of cryptocurrency regulation, citing the fact that digital currency transactions have a transborder element that could be better managed at the EU level. The decision was made in response to a formal request for information received from two Polish MPs, ostensibly filed due their concern over a perceived increase in attacks on digital currency users. That request sought clarification as to the Ministry’s plans in the area of cryptocurrency regulation.

In the short term, the current government position leaves the matter in the hands of European Union officials. However, the Finance Ministry did note the need for greater consumer education in this area, noted that the issue will continue to be monitored by officials, and left open the possibility that its position might change in the future.

Scottish National Party MP Proposes Cryptocurrency for Nation

At the Scottish National Party conference in Aberdeen, George Kerevan MP advocated that Scotland experiment with a new digital currency, the ScotPounds. His proposal would see one billion units of the currency created with each Scot being given 250 at launch, for use only within Scotland. The plan would see the cryptocurrency in use and circulation at the same time as the pound sterling. While not yet an official part of the SNP platform, Kerevan believes the idea to be one of several currency options that should be explored prior to any future referendum on Scottish national independence.

Commonwealth Views Cryptocurrency as Solution for Wide Variety of Problems

News out of last week’s meeting of the Commonwealth of Nations included the organization’s heightened interest in digital currency’s potential for helping to resolve a variety of different problems related to financial remittances. Much of the concern behind this new focus on cryptocurrency solutions is related to a new trend that is seeing large banks increasingly de-banking Money Transfer Operators – a process where those MTOs’ accounts are closed. These de-banking actions are occurring as banks try to avoid fines and similar punitive sanctions related to money-laundering and other financial crimes.

Those account closings have left many of the smallest of the 53 Commonwealth member states with no viable funds transfer mechanisms for their citizens. Without those incoming funds, a nation such as Lesotho confronts the loss of roughly 40% of current GDP. In its vote of confidence in Cryptocurrency’s ability to help resolve this growing problem, the Commonwealth’s central bank governors have noted that digital currency use continues to rise, and that there is no appreciable evidence to suggest widespread use of such currencies for either money-laundering or terrorist financing.


Unobtanium Reaches Veteran Cryptocurrency Status as it Celebrates its Second Year 

Unobtanium, the first 'Crypto Commodity' was first launched October 18, 2013. Stop by and wish their community a happy 2nd birthday.


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Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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