Monday, September 24Your Daily Bitcoin & Altcoin News Portal

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Egyptian Central Bank Denies Rumors of Bitcoin Adoption

Egyptian Central Bank Denies Rumors of Bitcoin Adoption

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Egypt’s central bank recently shot down rumors that may move to allow banks in the country to handle cryptocurrencies like bitcoin. Those rumors first appeared on social media, according to reports, prompting the Central Bank of Egypt, through deputy governor Gamal Negm, to deny them. “For stability of the Egyptian banking system, the banks deal with the official currencies only, and never deal with any virtual currencies,” Negm told Egyptian economics magazine Amwal Al Ghad last month. Washington, DC-based publication Al-Monitor, which covers Egyptian news, reported on the situation yesterday. It’s a development that comes as more countries weigh legal frameworks to establish some kind of standing for the technology under domestic law. To date, Japan has emerged as an earl
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Pure Bitcoin Beats Fine China On US Wedding Registries

Pure Bitcoin Beats Fine China On US Wedding Registries

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More and more tech savvy couples are recognizing the value of Bitcoin as an investment option for their new lives together, putting the digital currency at the top of their wish list on wedding registers. There are cases, especially in the US, where couples have either received Bitcoin or asked for it, as a gift. As the cryptocurrency’s value has surged, it has attracted keener interest in the mainstream, bringing more players to the table. As a gift, Bitcoin plays an interesting role as it has the same properties as a stock or gold, but with the potential returns that are unheard of in any form of asset management. A young couple who are usually starting their lives together have forgone fairly useless things like kitchenware and crockery for a digital currency that has the potentia
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Major Chinese Exchange BTCC CEO Address the Need for Cryptocurrency Regulation

Major Chinese Exchange BTCC CEO Address the Need for Cryptocurrency Regulation

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The BTCC CEO Bobby Lee addresses the need for cryptocurrency regulation saying it could “run amok from society” if measures are not implemented. In an interview with CNBC’s “Squawk Box”, Bobby Lee, CEO of BTCC, one of China’s primary cryptocurrency exchanges, explained that a well thought out regulatory approach is needed to address exactly where Bitcoin and the rest of cryptocurrency stands. “I think regulation is much needed for this new asset class because otherwise, it’ll run amok from society,” warned Lee. The challenge is how to craft the rules around this new technology, it’s taking the lawmakers and regulators some time to wrap their minds around it, and to come up with the appropriate rules and laws to govern companies, how we do business, to govern individuals (and) ho
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Swiss Government is Pursing to Clarify the Legal Qualification of Digital Currencies

Swiss Government is Pursing to Clarify the Legal Qualification of Digital Currencies

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Switzerland’s government said today that it is “swiftly” moving toward a legal designation of digital currencies. In a statement, the Swiss Federal Council – a body of seven that collectively serve as Switzerland’s head of state – revealed the first major steps of its plans to regulate finch development in the country. CoinDesk reported in February that the government was moving to put a legal framework for finch in place. The new rules, approved on July 5, go into effect in August. Among the initiatives launched today is a regulatory “sandbox” aimed at creating a more accommodative environment for startups. Firms that accept fewer than 1 million Swiss francs (roughly $1m USD) “will be exempt from authorization” the Federal Council said. The group clarified that depositors with t
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Moscow’s Blockchain Hackathon Reflects Booming Blockchain Industry in Russia

Moscow’s Blockchain Hackathon Reflects Booming Blockchain Industry in Russia

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Since Russian President Vladimir Putin expressed interest in Ethereum at his meeting with Vitalik Buterin at the World Economic Forum held in St. Petersburg, the blockchain industry in Russia has been quick to heat up. The Blockchain & Bitcoin Conference in Saint Petersburg was held in June, followed immediately by a blockchain-focused hackathon called BlockchainHack in Moscow, with 150 people in attendance competing for $100,000 worth of cryptocurrency. The hackathon took place at the Paveletsky Art Center, a massive building in downtown Moscow that has become the de facto hub for blockchain technology in Russia, with an increasing number of blockchain developers and enthusiasts who work out of it. The event was jointly organized by BTC Media, Qtum, Zerion, Waves, the Token F
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Bitcoin-Friendly Stripe Strikes Major FinTech Deal with China’s Alipay, WeChat

Bitcoin-Friendly Stripe Strikes Major FinTech Deal with China’s Alipay, WeChat

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Silicon Valley startup Stripe has just announced a significant partnership with Chinese FinTech payments giants Alipay and WeChat Pay. The move enables merchants on its platform to receive money from hundreds of millions of Chinese consumers.  In an announcement today, Stripe has lifted the lid on a new ‘global’ partnership with Alipay and WeChat pay, two massively popular FinTech payments giants that see 92% of an estimated billion-plus Chinese population using digital payments in the country. The integration will now enable all Stripe merchants in over 25 countries make money from Chinese consumers. Alipay, the payments platform of Ant Financial – the financial arm of e-commerce giant Alibaba has over 500 million users on its platform. WeChat Pay, the digital payments platform of W
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Cryptocurrency and Blockchain Era is Coming to Eastern Europe

Cryptocurrency and Blockchain Era is Coming to Eastern Europe

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Identifying with cryptocurrencies and the Blockchain technology has improved in the eastern part of Europe as lots of new start-ups and projects are now being introduced there. According to a crypto industry insider from Ukraine and CEO of Remme, Alex Momot, although most of these projects’ main contribution as of today center on technical help for other projects due to the lack of entrepreneurial talents and experience, the impact of the region on the burgeoning cryptocurrency market will gradually become more visible. From Russia to Ukraine, to Slovenia and others, Eastern European countries now hold a major pillar in the crypto space that stands between countries in the West and Asia which have been known to dominate the industry. Several events and initiatives have been introduced
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The Bank of England Tests Ripple’s Interledger Technology to Settle International Payments

The Bank of England Tests Ripple’s Interledger Technology to Settle International Payments

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The Bank of England has released new details about a proof-of-concept it has developed in partnership with distributed ledger startup Ripple. Among several fintech proofs-of-concept revealed by the UK central bank yesterday, one test involved Ripple’s Interledger protocol, designed to facilitate transactions between different distributed ledger systems. The trial centered on a cross-border payment scenario in which “two different currencies” were “executed simultaneously in two different simulated RTGS [real-time gross settlement] systems,” with blockchain potentially serving as means for synchronizing the settlement of transactions. According to its outline of the proof-of-concept, the Bank of England used the test in part as a springboard to investigate issues around liq
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$20,000: IRS to Exempt Casual Bitcoin Buyers From Coinbase Data Request

$20,000: IRS to Exempt Casual Bitcoin Buyers From Coinbase Data Request

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The Internal Revenue Service is seeking a narrower focus in its investigation of digital currency startup Coinbase, new court documents reveal. Perhaps most notable, according to the July 6 notice, is the fact that the IRS is only trying to obtain records on users who have conducted “at least the equivalent of $20,000 in any one transaction type (buy, sell, send, or receive) in any one year during the 2013-2015 period”. This suggests that the tax authority – which began pushing for more information in November – may be looking to prioritize data related to more frequent users of the startup’s services. News reports last week revealed that the IRS was moving to limit the scope of the summons it wants to serve on Coinbase. According to Fortune, the agency said it wouldn’t seek i
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Equity Markets on a Blockchain: Delaware’s Potential Impact

Equity Markets on a Blockchain: Delaware’s Potential Impact

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Last week, Delaware passed amendments to state legislation that, once signed into law by the end of July, will give corporations registered in the state the right to issue and trade shares on a blockchain platform.  While this may on the surface sound like a small modification, it is a big deal. Companies and exchanges around the world have been investigating how distributed ledgers could help with issuance, execution and settlement (some have even issued shares on a blockchain). However, they have been doing so under a cloud of regulatory uncertainty, unsure of whether the stakeholders – including the relevant governing bodies – would allow the innovations to take hold. For the first time, businesses will be able to experiment with new processes knowing they have the protection