Bitcoin Weekly Recap 11-25-2016
Japan’s First Bitcoin Exchange Insurance Product to Launch Soon
Mitsui Sumitomo Insurance has announced that it will be launching Japan’s first insurance offering for Bitcoin exchanges. The new insurance product will provide protection against losses at those exchanges, offering new security for the exchanges and their customers. Coverage will range between 10 million and one billion yen, and will include loss protection for incidents related to everything from employee mistakes to hacks and other invasions of exchange security. The offering is the result of a collaborative development effort between the insurer and the bitFlyer exchange.
Insurance premiums will be based on each exchange’s commission revenues. The coverage will provide protection that covers the costs associated with resolving any problems – including customer notifications and lawsuits originating from customers in other nations. With Japanese interest in Bitcoin once again on the rise, this new offering could provide exchanges and their customers with a much-needed infusion of confidence. It should be especially welcome news for customers at many of the nation’s smaller exchanges.
Amid Rumors of Indian Ban on Gold Imports, Bitcoin Interest Likely to Rise
Thanks to a text message from the Indian Bullion & Jewellers Association, there are now rumors of a possible Indian government ban on gold imports into the country. The rumored ban would be a continuation of the government’s ongoing battle against black market activities – a campaign that has already resulted in a ban on the 500 and 1000 rupee notes. That move sparked increased interest in Bitcoin within India, and some outside observers expect that an actual ban on gold would have similar results.
iPayYou Launches Bitcoin Option for Amazon Payments
A newly announced tool from iPayYou will enable Amazon customers to use Bitcoin for their purchases – providing those users with the ability to spend their Bitcoin on more than one hundred million different products. The new tool is called Amazon Direct, and will allow iPayYou users to send Bitcoin from within the company’s platform directly to their Amazon balance, with the digital currency properly converted into U.S. Dollars. Those users can then use that balance to shop on the Amazon site.
Former Zimbabwean Finance Minister Biti: Adopt Bitcoin as Nation’s Currency
With Zimbabwe reportedly on the verge of exhausting its supply of cash, and the government struggling to pay its salaries on time, the country’s financial situation seems dire. While some have called for the introduction of new currency denominations, most experts believe that the country’s hyperinflation would render that solution all but useless. One politician in the country thinks he has the answer, though: discard the nation’s currency and adopt Bitcoin.
That suggestion was offered by Tendai Biti, who served as the country’s Minister of Finance until 2013. Biti believes that the very fact that Bitcoin has no national backing could help to facilitate his nation’s adoption of the currency. As he noted, "We are very excited about bitcoin as a stable currency alternative. The thing about bitcoin is once you import it into the country, you don't have the problem of the currency eroding and perishing like you have with notes. It's a system that allows for privatised banking. Effectively, the bitcoin system is both a currency and international payments platform.”
The problem for Zimbabwe at the present time is that Biti is in no position to make his proposal a reality, and there seems to be little support for the idea among other members of the political class. Back to the drawing board...