Bloomberg has reported that Mexicans have grown increasingly concerned that incoming President Donald J. Trump may follow through on his oft-repeated campaign promise to block remittances sent from the more than 6 million Mexicans illegally living in the United States to their families south of the border. That remittance blocking plan was proposed by Trump as a way to compel the Mexican government to pay for the President-elect’s proposed border wall between the two countries – a wall that Trump claims would secure the border and prevent the flow of illegal aliens, drugs, and potential terrorists into the U.S.
The Nikkei Asian Review reported earlier this week that three of the largest banks in Japan had been testing domestic money transfer speeds on the blockchain. Their tests demonstrated that the blockchain transfer speeds are comparable to those seen on existing bank transfer systems. Though the banks have not yet been identified, they reportedly spent much of this past year testing their proof of concept in a research forum that also included Tokyo’s bitFlyer Bitcoin exchange and Deloitte Tohmatsu. Those tests ended in September.
The state government in Illinois this week announced that its Digital Currency Regulatory Guidance proposal had been released for public comment. The guidance provides an overview of the Illinois Department of Financial and Professional Regulation’s (IDFPR) policy on cryptocurrency, as well as its interpretation of how the state’s Transmitters of Money Act apply to various digital currency activities. The IDFPR release is part of a broader effort to incorporate blockchain technology into the state’s official government operations.
Russia’s federal tax service weighed in on the subject of cryptocurrency legality this week when it released a document confirming that digital currencies are indeed legal to own and use inside the Russian Federation. In its assessment, the tax services declared that cryptocurrencies are viewed as foreign currencies, and that transactions using those currencies are monetary transactions. Under Russia’s current monetary control system, that also means that digital currency transactions are not subject to financial reporting requirements.
Chinese investment firm Huiyin Group this week launched a new subsidiary fund called Huiyin Blockchain Ventures (HBV). The funding vehicle will be used to provide investment in Bitcoin-related companies. The fund has been started with an initial $20 million in capital which HBV will invest during 2017. Huiyin also announced that James Wo will be responsible for managing the fund. Wo is the son of the founder of Huiyin Group. Wo will be advised by Andrew Lee, the CEO of Purse.
Japan’s First Bitcoin Exchange Insurance Product to Launch Soon
Amid Rumors of Indian Ban on Gold Imports, Bitcoin Interest Likely to Rise
iPayYou Launches Bitcoin Option for Amazon Payments
Former Zimbabwean Finance Minister Biti: Adopt Bitcoin as Nation’s Currency
India Withdraws Large Notes; Bitcoin Interest Rises
Dubai Authorities to Discuss Legal Framework for Bitcoin Regulation
CME Group Launches Price Indexes for Bitcoin
Who Wants to Be a Millionaire? Buy One Bitcoin
If there is one area where the fiat system has always struggled, it is cross border remittance. Relatively high costs, slow and heavily bureaucratic, the remittance system has been a hindrance to the growing army of global workers who rely on cross border payments. From freelance designers and programmers to web design and writing, these things are done by people all over the world, for client’s in every continent. To streamline this process between Korea and China, and possibly transform remittance forever, Shinhan Bank is launching a new remittance service that uses Bitcoin as the intermediary funding.
Bitcoin has grown at an astonishing rate over the last few years, and this has been welcome for the currency itself and the wider cryptocurrency industry, however it has also brought new challenges as well. Processing the level of transaction volume that is generated by so many users is becoming an issue, and finding ways to increase the scalability of Bitcoin has been a priority for the industry for a while. A new paper from the Swiss federal Institute of Technology has offered a potential solution in the form of ByzCoin. This new protocol could be integrated into Bitcoin while retaining backward compatibility, and offer over 100 transactions per second with a 1MB block size, and huge throughout to rival major financial sites such as PayPal with a 4MB blocksize.
IRS Inspector General: Agency Must Closely Monitor Bitcoin
FBI DarkNet Primer Cites Bitcoin’s Role in Illegal Transactions
Gemini Announces Asian Expansion
Let’s Hold Off on Predicting Trump’s Impact on Bitcoin
SegWit, China, The Dow, and the $700 Bitcoin
Swill Railway Ticket Machines to Sell Bitcoin
As Venezuelan Bolivar Crashes, Bitcoin Increasingly Popular
Zee News Senior Editor: Bitcoin Value Could Reach $10,000
Being able to purchase Bitcoins simply and easily in convenient locations is a proven way of getting more people to try the digital currency. The Swiss national railway, Schweizerische Bundesbahnen must agree, as they have just announced a new program that begins in November. From then, select automatic ticket machines will also allow the purchase of Bitcoins. Over the next two years, the entire network of payment machines, over 1000 situated right across the country, will be adapted to include digital currency purchases alongside tickets.
It is now seven years since bitcoin launched and we first saw the possibilities of a digital currency. Since then much has been written about both Bitcoin itself and the cryptocurrency industry and how it could make inroads into a wider user base. There has been progress over that time, making it easier to buy Bitcoins has seen many more people take a look at digital currency, but there has not been the widespread growth many hoped for. Is this it, or is Bitcoin on the verge of becoming a global currency for all?
CoinJournal Loses Banking Services as Barclays Terminates Account
Telegram Bot Offers International Calls Cheaply Using Bitcoin
Pirate Party Looks for Success in Elections
Bitfinex Seeking Accommodation with Hacker
Campaign funding is always a hot topic in the usual election cycle, although this year it has been somewhat overshadowed by events in the election itself. However, that has not stopped the US Federal Election Commission deciding to take another look at Bitcoin and other digital currencies and the place they have in campaign contributions. Currently classed as assets, the campaign in receipt can hold the digital currency until they wish to sell. But then must place the funds from any sale within their campaign accounts within 10 days. This can create logistical issues, and if the FEC reassess and classify digital currency donations as cash payments, it could make things much easier to manage.
Author Claims Bitcoin Contributes to Spread of Right-Wing Ideology
WikiLeaks Revelation: Clinton Campaign Team Prefers Green Altcoin – Not Bitcoin
India’s Intelligence Agencies Concerned About Illegal Bitcoin Usage
Netflix CFO Endorses Bitcoin as Global Currency
For the cryptocurrency industry, gaining the trust of the wider populous to grow the user base has always been a critical challenge to overcome. Progress has been steady, but it has, ironically, taken a series of incidents of turmoil within the fiat monetary systems of various countries that has helped the industry grow in that aspect. Now, with the prolonged restrictions placed on the movement of both fiat currency and assets into and out of Venezuela, we are seeing a further shift to Bitcoin. Peer to peer Bitcoin payments are on the increase and web based freelancers are now moving towards payment via Bitcoin, bypassing the fiat system entirely.
Japan Considering Sales Tax Exemption for Bitcoin
SEC Delays Winklevoss ETF Decision
McAfee’s MGT Reports Initial Mining Rewards
U.S. Secretary of State Indicates that Bitcoin is On Department’s Radar
FBI Reportedly Investigates Theft of $1.3 Million in Bitcoin
Bank of Japan Representative: Bitcoin Poses no Threat to Fiat Currency
CFPB: Bitcoin Outside Scope of Prepaid Regulation Changes
Scaling Bitcoin Lineup Revealed
There are an ever growing army of people who are using the internet and its ability to allow us to make connections around the world to build a career. Freelancers, contractors and entrepreneurs in ever greater numbers are providing work to businesses and individuals all around the world, and Bitwage has been providing a secure, bitcoin based payment system for these people for a while. Now they are making this service even more attractive with the addition of a verification service to help build trust between customers and providers through their My Employment service.