Friday, May 26, 2017

Government Regulation

World’s First Bitcoin Center Opens in New York City

The Organization Is Located In Manhattan’s Financial District Hundreds of cryptocurrency enthusiasts joined together on New Years Eve to watch the opening of what some people are calling Bitcoin’s very own Wall Street. The institution aims to become an educational hub dedicated to the promotion of the many digital coins out there, as well as an incubator for innovation in this revolutionary financial field. One of the most widely recognized people present at the opening of the center was Congressman Steve Stockman of Texas, who made it known that people could use Bitcoin to donate to his 2014 Senate campaign. …continue reading

Swiss Parliament Considers Passing a Law Deeming Bitcoin a Currency

The Goal Is To Eliminate Ambiguities and Increase Legal Certainty Representative Thomas Weibel has introduced a postulate to the Swiss Parliament that seeks to have Bitcoin treated the same as any other foreign currency. If the measure is approved by parliament, it will be submitted to the Federal Council, Switzerland’s principal executive institution. In the event that the Federal Council determines that bitcoin should be treated the same as other foreign currencies, it will then evaluate how to implement the postulate. Coindesk reports: “The Swiss Parliament is considering a postulate that asks for bitcoin to be treated as any other …continue reading

Central Banks Refrain From Regulating Bitcoin

Demand Surges As Risk Appears Minimal With both the popularity and value of Bitcoin soaring (in spite of rapid, fierce price corrections that quickly subside), central banks around the world have taken notice. While some banks feel threatened by what is described as an alternative currency, the central banks around the globe this week were busy making waves in the world of Bitcoin. However, no central bank has outlawed transactions in Bitcoin, although the Chinese central bank this week issued a ruling that the country’s banks shouldn’t get involved in Bitcoin. This caused another fierce selloff on the major Bitcoin …continue reading

Hong Kong Entrepreneurs Cash In On Bitcoin Boom

The City Looks To Grab a Large Share of the Multi-billion Industry While entrepreneurs in the U.S. face the prospects of potentially stifling government regulations of Bitcoin businesses and a generally unfriendly attitude towards the digital currency, their counterparts in Hong Kong enjoy complete freedom to innovate, create, and establish enterprises that capture a huge slice of the Bitcoin industry as the Hong Kong Monetary Authority declines to regulate Bitcoin. The South China Morning Post reports: “An influential digital currency evangelist says Hong Kong can grab a huge slice of the controversial multibillion-dollar bitcoin industry as US hostility towards virtual …continue reading

Hong Kong Monetary Authority Decides Not To Regulate Bitcoin

Norman Chan, Chief Executive, Made The Announcement on Friday As Bitcoin attracts more and more investors into the digital currency, there remains concern over what effect potential new government regulation could have on the value of Bitcoin. That concern was put to rest in Hong Kong on Friday as Norman Chan, the Chief Executive of the Hong Kong Monetary Authority broke the news that the HKMA has decided not to regulate Bitcoin. Bitcoin Examiner has more details on the decision by the Chinese Banking Regulatory Commission and the Hong Kong Monetary Authority (HKMA) not to regulate Bitcoin: “The Chinese Banking …continue reading

Federal Election Commission Considers Allowing Bitcoin Donations to Candidates

Six Member Panel Appears Set to Sanction Bitcoin Donations The Federal Election Commission today debated whether to allow candidates to accept “in-kind contributions” of Bitcoin in the same manner that they can accept donations of computers, stocks, and other quasi-financial assets. Attendees of the meeting left with the feeling that the panel is likely to approve the measure. From the Washington Post story: “Digital currency called bitcoins can be used to pay for OKCupid subscriptions , WordPress blog features and even sandwiches at some Subway franchises. Could donations to federal political candidates be next? The Federal Election Commission debated a …continue reading

U.S. Senate to Hold Hearing on Bitcoin

U.S. Senate Committee Will Meet on Nov. 18 The soaring value of Bitcoin is not just the focus of crypto currency geeks. With the price of Bitcoin having gone up more than 20-fold since the beginning of the year, it seems that even the U.S. Government is paying attention. Bloomberg News is reporting that the U.S. Senate Committee on Homeland Security and Governmental Affairs will be holding a meeting on Monday, November 18, 2013, to examine the “promises and risks” related to virtual currency, i.e. Bitcoin. From the story: “Bitcoin’s price climbed to a record at $330.01 on the BitStamp …continue reading

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