Digital Currency Weekly Recap 3-13-2016
Coinfest UK Begins April 8th in Manchester
Manchester’s own CryptoBatesGroup will be the host for the upcoming Manchester Coinfest conference at Madlab. The event will last for two days, and begins on the 8th of April, 2016. The gathering of cryptocurrency advocates will bring together enthusiasts and representatives from the industry to discuss recent cryptocurrency developments, explore new applications, and promote increased public awareness and acceptance of digital currency solutions.
Vietnam Issues Digital Currency Warning
In Vietnam, the nation’s E-commerce and information Technology Agency (VECITA) recently provided its citizens with a warning designed to discourage them from using digital currency. In a press release, the agency made reference the national State Bank’s 2014 declaration that cryptocurrency is not considered a recognized payment option. That release also advises against investing or dealing in Bitcoin or any of the many altcoins alternatives in the market today.
Russian Ministry Calls for Jailing Digital Currency Issuers
The latest twist in the seemingly endless melodrama surrounding Russia’s attitude towards digital currency involves the country’s Ministry of Finance, and its proposal to imprison anyone who attempts to introduce cryptocurrencies into the country. Officials inside Russia have been concerned about surrogate currencies and their impact on the value of the ruble, and this is not the first time that such punitive measures have been threatened.
The proposed punishment would include imprisonment that could be as harsh as seven years for top financial industry managers, and fines as high as 2.5 million rubles. The Ministry has cited the possible use of non-ruble money surrogates in various criminal activities as just one of the reasons for the proposed sanctions.
All of this comes at a time when the country’s central bank continues to take steps to explore the possible benefits of both digital currency and its underlying blockchain technology.
RSCoin: A Centralized Bitcoin Knock-off for Central Banks Everywhere
As many people have long feared, governments and central banks around the world have begun to examine new ways of coping with the perceived threat posed by cryptocurrencies. One of those new approaches involves the time-tested strategy that’s often best expressed in the adage “if you can’t beat them, join them” – or in this case, imitate them. Enter RSCoin – a Bank of England sponsored cryptocurrency system designed to mimic digital currency while still allowing central bankers to maintain control over the currency supply.
RSCoin reportedly relies on a cryptographic approach to the creation of digital money, and stores transactions on a digital ledger. That is essentially where comparisons to decentralized digital currency end, however, since this ledger is under the complete control of its central bank, and any limitations on the money supply are left solely to the discretion of those bodies.
Even more alarming for those who favor decentralized systems is the fact that this new central bank-created system envisions using large established banks to process the transactions that get entered into the ledger – essentially maintaining the status quo with respect to who controls the world’s money.
Crypto Charting Platform Coinigy Takes New Venture Top Prize
A Milwaukee-based cryptocurrency charting platform, Coinigy, recently took the $8000 first prize in the 2016 New Venture Business Plan Competition sponsored by La Macchia Enterprises. The company focuses on providing traders and companies with a variety of tools, services, and database features to assist them with the management of their digital assets.
Satori Coin Introduced in Japan
If you’re one of those people who has wished you could get your hands on a tangible Bitcoin that you could proudly carry around and show off to all your friends, Japan’s Raimu Inc is helping to bring that dream to life. A new physical version of Bitcoin is making the rounds, with the hope of helping to increase awareness of digital currency throughout the nation.
The Satori coin is a tangible coin that comes with a value of .001 Bitcoin. That makes it about as valuable as two US quarters, but the value is not really as relevant here as the underlying attempt to introduce Bitcoin to a nation where digital currency is often frowned upon. The goal is to eventually introduce these coins in other nations around the world. However, Americans hoping to see physical digital currency coins coming their way are more likely to experience disappointment. Under current US law, the distribution of Satori Coin is expressly forbidden.