Digital Currency Weekly Recap 11-8-2015

digital currency


Digital Currency Weekly Recap 11-8-2015


Isle of Man Welcomes First Identifiable Digital Currency.

According to an announcement from GreenCoinX Inc, the Isle of Man has welcomed the company to begin operations on the island. The startup’s digital currency, GreenCoinX, is the first to do away with the anonymity that has long been among the most criticized characteristics associated with cryptocurrency. By maintaining user identifiers, governments can better manage tax collection, a feature that the company believes should help it gain greater acceptance around the world.

Isle of Man’s welcoming attitude comes as no surprise, since the government has recently made moves to better prepare its society for more widespread adoption of cryptocurrency. Those actions have included cryptocurrency-specific legislation designed to provide consumers with more protection against crime and abuse. Government officials have made clear that this latest development is just one more step in the Isle of Man’s ongoing effort to realize the benefits of this latest technological revolution.

Coinify Expands Cryptocurrency Pool to Include Ether and Others.

Coinify has added a number of cryptocurrencies to the list of currencies for which it will process payments, including Ether, Counterparty Tokens, and Ripple. Those digital currencies join Bitcoin and others and bring the total number of payment options to 16. The Denmark-based company remains the largest cryptocurrency payment processor in Europe, and made news last month when it partnered with Singapore’s Digix to begin creating crypto-assets that join digital currency to assets like gold.

New Voxel Bonus Program Announced.

Voxulus this week announced that it is extending the pre-sale price for Voxels - the in-game currency designed for use within the Voxelus virtual reality platform. This move will allow gamers and digital currency enthusiasts who might have missed out on the time-limited pre-sale offer the opportunity to obtain a supply of the Voxels currency at that introductory price. Along with the extended sale offer, a bonus program similar to those provided in Kickstarter campaigns will provide rewards to those who buy the coins - as well as previous buyers who qualify.

This crowdsale activity is scheduled to continue throughout the month of November, coming to an end on December 2, 2015. After that, the Voxel tokens will begin to be distributed to buyers. These coins can then be used to buy the various digital assets that will be available for purchase when the Voxelus marketplace comes online in the first quarter of 2016. Voxelus has the lofty goal of becoming the primary platform for most of the world’s virtual reality games and content.

Kaiser Unveils Services for Cryptocurrency Investment Advice.

Within the digital currency universe of enthusiasts, there are those who are actively interested in the technology underpinning these currencies, those who see cryptocurrency as a way to dramatically improve life for the people of the world, and those who see investment potential. That latter group should appreciate the news unveiled in a recent press release from Kaiser Exchange International Limited, in which Kaiser announced that it would begin offering comprehensive investment advice for those who want to invest in digital currencies. The company offers crypto investment advice and a range of exchange services for its clientele.

OECD Report: Digital Currency Safer than Cash.

For many digital currency enthusiasts, the news coming out of a recent report by the Organization for Economic Co-operation and Development (OECD) may not seem all that surprising. However, given the ongoing complaints about digital currency anonymity and the presumed ease with which it can be used for criminal activities, this latest reality check is actually welcome news. The report is titled “Refining Regulation to Enable Major Innovations in Financial Markets” and covers a wide range of topics related to technological innovations that are currently disrupting the financial sector, as well as regulatory issues.

A cursory glance through the paper’s pages might cause a casual reader to miss one of the more interesting topics: cryptocurrencies. The entire report can be downloaded here for anyone interested in reading the entire presentation, but here’s the part that governments and law enforcement officials need to read:

“As a result of the apparent anonymity of transactions, some users of virtual currencies were involved in improper and illegal activities, including money laundering and transfer of value for illegal goods. As a result, certain governments have sought to take measures that effectively rule out its use as a currency. These create a clear and implied possibility of government’s declaring the virtual currencies illegal.

The focus on virtual currencies as a means of fraudulent transactions is perhaps due to a perceived high frequency of improper motives behind use of virtual currencies, which in turn is a result of the apparent anonymity built into the system. But in fact, cash is likely a much more anonymous means of transferring value than virtual currencies. The ownership string for virtual currency is public, though not the actual owner name and address. If that name and address are at one point identified by law enforcers, law enforcers have a powerful mechanism to track entire chains of transfer of value, in a way that cash would never allow (emphasis added). The arguments used against virtual currency anonymity may thus be much weaker than comparable arguments against cash.”

Granted, anyone with any level of familiarity with digital currency already understands that “cash is likely a much more anonymous means of transferring value than virtual currencies.” Still, that’s not something you read in mainstream media stories covering Bitcoin, DNotes, or other cryptocurrencies. As a result, this simple recognition of such an obvious fact should provide some measure of hope that perhaps someone outside of the crypto universe is finally beginning to come to terms with the real nature of digital currency.

Now if only our political representatives would take the time to read this OECD report…


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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