Bitcoin Regulation – BTCRUMOR.com https://btcrumor.com Bitcoin News & Rumors 2018 Sat, 23 Dec 2017 23:08:46 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.1 Bitcoin Regulations are a Step Too Far say Bitcoin Foundation Director https://btcrumor.com/news/bitcoin-regulations-are-a-step-too-far-say-bitcoin-foundation-director Mon, 08 Jun 2015 18:54:10 +0000 https://btcrumor.com/?p=1404 When the director of Bitcoin Foundation, Jon Matonis visited Auckland, he defended the virtual currency by saying that there are many good things that the currency achieved which is far more pivotal than the notoriety it gained due to cheaters. The digital currency was subjected to brutal attack by the…

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When the director of Bitcoin Foundation, Jon Matonis visited Auckland, he defended the virtual currency by saying that there are many good things that the currency achieved which is far more pivotal than the notoriety it gained due to cheaters.

The digital currency was subjected to brutal attack by the executive director of NetSafe, a Cyber-Security organization, Martin Cocker who wasn’t afraid to admit that he is one of those people who wouldn’t mind seeing the untimely demise of bitcoin.

The Bitcoin Foundation

Established in 2012 in New York, Bitcoin Foundation was formed for the promotion of virtual currency and Matonis has served its executive director till December last year.

The reason for slander

The main reason why the bitcoin transactions have been demonized is because the transactions made over bitcoin channel are impossible to trace. This gives the cyber-criminals a certain edge when it comes to extorting money as ransomware without being detected.

This is a common occurrence when the criminals seize control over people’s computers and use malware to encrypt the files and then demand ransom for not deleting their important data.

Matonis Defends the Currency

To his defence, Matonis said that its use by scammer is a small price considering what bitcoin is capable of achieving. He further added that Bitcoins are like digital cash that can be highly advantageous in unbanked communities of countries like China, Argentina etc. Since Argentina exercises control over purchase of currency, this non-surveillance Bitcoin can be very helpful for the people to overcome the capital control.

He further said that the fraud issue can be dealt with as any medium of exchange is exposed to the dangers of being abused.

Despite these arguments presented by Matonis, Cocker seemed unimpressed and said that Bitcoin can mean anything to the world but it does not add any value to New Zealand. There is no reason why their country would be disturbed by the sudden disappearance of Bitcoins.

The Bitcoin Regulation by New York DFS

Only recently, Wall Street Regulator made announcement of new rules that will regulate the bitcoin transactions. These rules will be applicable in New York State only and would need both the parties to reveal their identity when converting Bitcoin to cash. According to Matonis, these rules are redundant and will make the bitcoin start-ups to launch themselves in other countries and jurisdictions. He fears that the government will regulate themselves out of business if they don’t follow caution with the rules. He believes that the department has been influenced by the banks to pass such regulations.

To know more about Bitcoins, click on Bitcoin News.

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BitLicense Policy for Bitcoin Regulation Released https://btcrumor.com/news/bitlicense-policy-for-bitcoin-regulation-released https://btcrumor.com/news/bitlicense-policy-for-bitcoin-regulation-released#respond Thu, 04 Jun 2015 18:30:36 +0000 https://btcrumor.com/?p=1396 The news is finally out that all the companies dealing in virtual currency will now have to operate under the purview of BitLicense if they want to practice in New York State. If the regulation system works well, this regulation would be implemented across other states as well. Ben Lawsky,…

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The news is finally out that all the companies dealing in virtual currency will now have to operate under the purview of BitLicense if they want to practice in New York State. If the regulation system works well, this regulation would be implemented across other states as well.

Ben Lawsky, New York DFS head unravel the rules just weeks before he plans to leave his current role to begin private practice. He released on Wednesday what we know as BitLicense that are a set of rules that the Bitcoin companies will have to obtain and as well as retain to operate in New York.

DFS has been regulating several top brand names in the financial sector such as Goldman Sachs, Barclays and MetLife. While heading DFS, Lawsky made it a point that he gets some regulation for virtual currencies that have been notorious for promoting illegal cyber transactions and other high level drug deals.

A 44 Page Document to Define Bitcoin

This document is a lengthy 44 page regulation that defines final details of operating in Bitcoin domain including details like $5000 application fee mandatory for the license. The document will also give clearly what the license entails. According to BitLicence, without the permit, no one is allowed to conduct virtual currency business in New York State.

High Barriers to Entry

The companies that want to procure this license would be required to have a compliance officer who can check that the company meets all the legal requirements with regards to bitlicense rules in order to apply for the license. The company should also conform with other state and federal laws that are applicable to virtual currencies. They would need to comply with money transmitter laws and all other such laws that can become an expensive affair for the start-ups.

Under the controversial radar

Lawsky’s bitlicense has raised a lot of censure from the community who claim that such regulations can inhibit creativity and increase costs unreasonably. They also say that these expensive regulations will give large financial institutions a monetary edge over small start-ups when it comes to growing the bitcoin.

However, Lawsky insists that his rule book is fair for both the operators and the users who have been discouraged to use bitcoin due to lack of regulatory framework.

Lawsky says that the balance was hard to achieve but it was also the key to build strong companies based on new technologies. It is these regulations that will help them become better financial companies.

Get more details about the Bitcoin world on Bitcoin News.       

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1 Up for Bitcoin after PayPal fined $10 Million for Engaging in Malpractices https://btcrumor.com/news/1-up-for-bitcoin-after-paypal-fined-10-million-for-engaging-in-malpractices Thu, 21 May 2015 15:10:54 +0000 https://btcrumor.com/?p=1341 PayPal has just recently been indicted for malpractices when they enrolled customers into credit programs without their consent or knowledge. This made the customers responsible for the credits on their account they never really asked for. Credit programs have an impact on your credit scores and the Consumer Financial Protection…

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PayPal has just recently been indicted for malpractices when they enrolled customers into credit programs without their consent or knowledge. This made the customers responsible for the credits on their account they never really asked for. Credit programs have an impact on your credit scores and the Consumer Financial Protection Bureau alleges that PayPal used deceptive advertising to attract customers who signed up for the program without knowing about it. This led to billing disputes which is being taken seriously by the bureau.  The proposed penalty for this action includes paying back $15 Million to its customers that have been wrongly charged and also pay $10 Million the government to make sure that PayPal has learnt its lesson.

Young consumers not pro-credit

Credit has been one of the biggest problems that have plagued the western society for years. However, since the Global meltdown, the consumers prefer to not use credit if possible, the study suggests. Younger generations are sceptical about taking credits from the bank and then losing it to mortgage. These instances have been pretty common in 2000s and the generation was quite aware of it the whole time, understanding the pitfalls of financial systems.

So what is the solution?                

Life without credit cards can be tricky but it is also comforting to know that you don’t owe anything to anyone. However, another workable solution to the credit problem, without sacrificing the quality of your life, is bitcoins. There are millions of people using it already in remittance and now even in transactions.

There has certainly been an increase in the number of businesses that accepting bitcoins for payment. There is already a solution to this in place that the businesses are allowed to lock the value of their bitcoins without feeling the need to dump them in the market.

Crypto-currency creates value of money between both the exchanging parties with no middle men involved in the transaction. This is the reason the network is referred to as peer-to-peer. Since the system itself doesn’t run for free, it is definitely an expensive one. However, you as a party are not responsible for any of its expenses. Your money will be safe and the Bitcoin network is supposed to impregnable.

So, it is up to you if you would like to side with usurping service providers like PayPal or place your faith in an unbeatable Bitcoin Network.

Get information regarding Bitcoin mining merchants. Click here for Bitcoin ATM map locations.

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Bitcoin Moving Closer to Legitimacy with another Milestone https://btcrumor.com/news/bitcoin-moving-closer-to-legitimacy-with-another-milestone https://btcrumor.com/news/bitcoin-moving-closer-to-legitimacy-with-another-milestone#respond Tue, 19 May 2015 14:38:24 +0000 https://btcrumor.com/?p=1331 This comes as good news to all the tech and digital currency enthusiasts that Bitcoin has achieved yet another milestone inching it closer to legitimacy. On last Monday May 18th , an exciting announcement was made that cheered the bitcoin community that bitcoin based security that comes under the purview…

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This comes as good news to all the tech and digital currency enthusiasts that Bitcoin has achieved yet another milestone inching it closer to legitimacy.

On last Monday May 18th , an exciting announcement was made that cheered the bitcoin community that bitcoin based security that comes under the purview of being regulated has begun trading at Stockholm.

The Surge of Bitcoin

The name of the security is Bitcoin Tracker One saw a rise in its initial trading session when it closed at 9.73 krona after opening at 9.69. This security made a listing at Nasdaq exchange based in Stockholm called Nasdaq OMX Nordic.

Adam Kostyal, SVP and European Listing’s head in Nasdaq said on Monday in a news that Bitcoin Tracker Note is constituted as exchange traded note and has been created with the intention of attracting legitimate retail as well as institutional investors who feel safer by investing in something that is well regulated and transparent.

This latest listing is just one of the many achievements that bitcoin has made in the last couple of weeks. Even Wall Street has expressed interest in the underlying technology that powers bitcoin’s private market in Nasdaq, Blockchain, and are currently doing tests as to how they can use this novel technology.

Only recently, New York’s Department of Financial Services issued the first charter to ItBit, a Bitcoin Startup Company. This is the first of its kind trust charter ever issued to a bitcoin company.

The hurdles

Since the fall of 2013, Bitcoin has experienced a wild growth in its valuation and it one reaching almost a $1000 mark! However, after millions of dollars worth of Bitcoins was hacked and stolen, the value of this digital currency suffered significantly. Last summer, the hackers slithered into the famous Bitcoin exchange, Mt. Gox and stole huge amounts of money from customers leading to great losses.

As of now, the Bitcoin price is trading at $236 which is reflected across all the major bitcoin exchanges.

Bitcoin may not be one of the favourite currencies of the market. However, it is gradually getting there one step at a time. With markets slowly adopting the digital currency, there will soon be tolerance amongst the users t acknowledge bitcoins as a legitimate currency for payments and not just a fad digital currency.

Click Bitcoin Maps to get the locations of Bitcoin ATM maps.

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Bitcoin Gets Temporary Relief from Australian Central Bank’s Regulation https://btcrumor.com/news/bitcoin-gets-temporary-relief-from-australian-central-banks-regulation https://btcrumor.com/news/bitcoin-gets-temporary-relief-from-australian-central-banks-regulation#respond Wed, 08 Apr 2015 09:30:27 +0000 https://btcrumor.com/?p=1139 Bitcoin is a path breaking technology that is speculated to change the way money has been handled so far around the world. However, despite its utility as a digital virtual currency, it is not entirely free from all the risks. Although, after spending months being scrutinized by Australian Senate Inquiry,…

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Bitcoin is a path breaking technology that is speculated to change the way money has been handled so far around the world. However, despite its utility as a digital virtual currency, it is not entirely free from all the risks. Although, after spending months being scrutinized by Australian Senate Inquiry, Bitcoin receives a moment of temporary relief after Australian Central Bank bailed out on regulating the crypto currency.

No regulation required as of now

 Reserve Bank of Australia believes that Bitcoin is at a nascent stage right now and does not require regulation at its current state. They also went on to say that since Bitcoin is only restricted in usage by a small group of people and not masses, it is not a threat as such to the existing financial systems. To prevent additional costs to the national exchequer, the regulation of the currency has been withheld for the moment.

They will resume its regulation once it gains significance

 RBA also clarified that it will be inducted into the existing framework of regulation once it grows prominence in the market. Up until that moment, digital currencies will not be undergoing scrutiny. Once it becomes significant in terms of users and transactions, the banks will be made liable to impose the specific standards so that they can be treated like the existing financial instruments. To incorporate into the complex system of regulatory framework, a financial system inquiry report is expected that will determine its stand in terms of treatment as a potent method of exchange.

Regulation Benefits do not outweigh the cost incurred  

 The bank feels that the limited usage of the currency so far does not raise any red flags with regards to efficiency, competition or the threat to the existing financial systems. This is why it is irrelevant to spend huge sums of money in regulating the currency in its current stage.

They also took this moment as an opportunity to clarify that it is outside the bank’s scope of work to monitor the digital currencies and are not technically liable to be regulated at all. They insist that it is authorities like taxation, consumer protection, anti-money laundering and counter-terrorism should more attention into the working of Bitcoin as it is of more consequence to them than RBA. Until that moment, Bitcoin can enjoy the reprieve until it comes back into the attention for wrong or right reasons.

Learn more about the Bitcoin Exchange Mining Merchants. Click here for more Bitcoin News.

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Independent Reserve – New Australian bitcoin exchange https://btcrumor.com/news/independent-reserve-new-australian-bitcoin-exchange https://btcrumor.com/news/independent-reserve-new-australian-bitcoin-exchange#respond Wed, 22 Oct 2014 09:52:45 +0000 https://btcrumor.com/?p=595 Another bitcoin exchange dispatched yesterday in Sydney, Australia, with an intend to enhancing general purchaser trust in the computerized coin market. Called Independent Reserve, the exchange is advertising both itself and its Australian base as secure and decently managed, saying the nation’s AAA FICO assessment and political strength made it…

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Another bitcoin exchange dispatched yesterday in Sydney, Australia, with an intend to enhancing general purchaser trust in the computerized coin market.

Called Independent Reserve, the exchange is advertising both itself and its Australian base as secure and decently managed, saying the nation’s AAA FICO assessment and political strength made it the perfect spot to place.

It will point first at the neighborhood and New Zealand advertises before stretching abroad to the monetary focuses of Asia, however says it as of now can electronically check clients in minutes from in excess of 20 nations by meeting expectations with character pros Global Data Company.

Adrian Przelozny, Independent Reserve’s prime supporter and boss engineering officer, told that the organization has been in customary contact with neighborhood budgetary controller the Australian Securities and Investments Commission (ASIC) and would hold fast to all KYC and AML agreeability conventions.

Australian duty issues

A late administering by the Australian Tax Office on computerized cash utilization was met with concern from the neighborhood bitcoin group, who said the meaning of those monetary standards as much the same as deal transactions and not “cash” or ‘budgetary supply’ would prompt the 10% Goods and Services Tax (GST, or deals expense) being connected twice – once when obtaining bitcoins and again when utilizing them to buy different products.

In the event that passed on to shoppers, it would likewise make bitcoins bought in Australia 10% more costly, undoubtedly driving clients to abroad trades and neighborhood organizations bankrupt.

Autonomous Reserve, Przelozny said, would assimilate the GST with its own particular benefits and through the 0.5% business expense it charges Australian clients, keeping its costs focused.

Money related experience

Autonomous Reserve is supported by a gathering of private financial specialists and its official group has years of involvement in the fund and IT commercial enterprises. President Adam Tepper has acted as a product Engineer and Solutions Architect at major Australian organizations like ANZ bank, AMP protection, and the Nine Entertainment Company.

Przelozny worked with Tepper at those three organizations and both men were additionally prime supporters and overseeing executives of Asia Australia Technology, a product building firm.

Autonomous Reserve, Przelozny included, has used “a great many hours on R&d to verify our stage is totally powerful and our exclusive innovation incorporates numerous levels of shields to guarantee clients are overall secured.”

Tepper told the Sydney Morning Herald that the trade is doing all that it conceivably can to relieve dangers and guarantee individuals feel secure about keeping cash there. He specified that bookkeeping firm Pricewaterhousecoopers would be reviewing all Independent Reserve’s accounts.

Bitcoin in Australia

Australia’s global notoriety as a stable business and nature, and monetary administrations focus, could serve advanced coin organizations well when drawing in abroad clients.

It as of late called a Senate Inquiry into bitcoin and computerized money use, which has expanded trust in the nation’s capacity to take a sensible methodology to regulation.

While the business sector in Australia is moderately little contrasted with North America and Europe, bitcoin businesses, for example, Coinjar, Bit Trade Australia and igot have performed well in the nearby market and installment processors, for example, Bitpos (and in addition Coinjar) are striving to fabricate a neighborhood computerized coin utilizing econom

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Coinify is raising millions to build complete Bitcoin solution in Europe https://btcrumor.com/news/coinify-raising-millions-build-complete-bitcoin-solution-europe https://btcrumor.com/news/coinify-raising-millions-build-complete-bitcoin-solution-europe#respond Mon, 29 Sep 2014 15:28:30 +0000 https://btcrumor.com/?p=572 Coinify has proclaimed Associate in Nursing covert venture funding spherical, similarly as a string of strategic deals that aim to position it because the leading bitcoin services company for the ecu market. Based in Scandinavian country, Coinify noninheritable  a portfolio of services from established market players in might, getting established…

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Coinify has proclaimed Associate in Nursing covert venture funding spherical, similarly as a string of strategic deals that aim to position it because the leading bitcoin services company for the ecu market.

Based in Scandinavian country, Coinify noninheritable  a portfolio of services from established market players in might, getting established domestic bitcoin broker Bitcoin Nordic and therefore the businessperson services once offered by Bitcoin net Payment Systems (BIPS).

Speaking to CoinDesk, Coinify business executive Hans Henrik Hemminge framed the new company as a natural pursuit for himself as a longtime enterpriser and bitcoin advocate. Hemminge antecedently supported social software package practice Wemind, social graph specialist Wosju and plan research lab Fourmation.

Earlier on, Coinify proclaimed a “multimillion-dollar” investment from Denmark-based VC firm SEED Capital, that is notably supported by Denmark’s state investment fund, The Danish Growth Fund (Vækstfonden in Danish).

Neither Coinify or SEED Capital disclosed the total quantity of the funding to CoinDesk, tho’ SEED Capital wrote in its official web log post that the number was “several million DKK“.

Following the announcement, Hemminge aforesaid Coinify can fold the Bitcoin Nordic website, whereas BIPS can continue as a separate entity specializing in bitcoin technology development.

Coinify’s services

To begin, Coinify can specialize in extending its purchase and sell services to customers and process services to merchants. Coinify permits businesses to just accept bitcoin and receive next-day settlement in euros, greenbacks and kroner, among alternative currencies.

Notably, Coinify additionally provides a plug-in for well-liked merchant-facing e-commerce platforms which will permit merchants that already use BigCommerce, Magento, Shopify and WooCommerce to simply integrate bitcoin payments.

To enroll, customers should initial use Associate in Nursing email address to make Associate in Nursing account. From there, traders should purchase bitcoin with bank deposits or via paid on-line and itinerant payment methodology CASHU.

Merchants also can log into their accounts via Facebook, a feature not extended to those shopping for and merchandising on the platform.

Market focus

With the required capital and services secured, Coinify currently aims to specialize in growing its presence in its key target markets Scandinavian country, Norway, Sverige and therefore the UK, tho’ Hemminge aforesaid Coinify is keen to ascertain itself across Europe.

In explicit, Hemminge cited UK and Federal Republic of Germany as vital markets attributable to their position as leaders within the e-commerce house. Further, he aforesaid Coinify aims to conduct research in these areas because it appearance to become additional active in its approach to the market.

Evaluating the competition

Coinify also will face notable competition within the market from alternative brokerage services, like those offered by Safello and Coinbase, the latter of that {just recently|only recently|only within the near past entered thirteen European markets once winning various merchants and customers in the state.

Heming chooses to look at these corporations additional as collaborators than competitors, suggesting that he believes there to be vital, untapped potential within the European market.

However, this isn’t to mention that Coinify doesn’t aim to differentiate itself from these players, as Hemminge hinted that his company aims to launch 2 extra services within the returning months.

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Canadian Certification Institution Introduces Bitcoin Certification Program https://btcrumor.com/regulation/canadian-certification-institution-introduces-bitcoin-certification-program https://btcrumor.com/regulation/canadian-certification-institution-introduces-bitcoin-certification-program#respond Fri, 19 Sep 2014 09:26:43 +0000 https://btcrumor.com/?p=544 This Monday, The CryptoCurrency Certification Consortium (C4), a non-profit based out of Toronto announced the opening of the world’s first Bitcoin certification program. Apart from the MOOC and the MSC in digital currencies lectured by the University of Nicosia C4 becomes the first institution to open up certification programs in the…

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This Monday, The CryptoCurrency Certification Consortium (C4), a non-profit based out of Toronto announced the opening of the world’s first Bitcoin certification program. Apart from the MOOC and the MSC in digital currencies lectured by the University of Nicosia C4 becomes the first institution to open up certification programs in the cryptocurrency field.

Digital currencies are proving to be a teaming ground of development and a new labor industry that is increasingly demanding candidates to solve the skills shortage in the industry. With Bitcoin related start-ups continuing to pop up from venture capitalists and existing multinational companies now accepting Bitcoin payments, there is a lack of skilled technical experts to fill Bitcoin roles.

Andreas Antonopoulos, one of the MSC professors commented:

“Over the next few years, several thousand people will be hired in this space. The certification program from C4 will be an important way for startups to evaluate the knowledge and skills of job applicants.”

Over the last few months, C4 has had help from dozens of advisors across the Bitcoin industry in building an exam that tests this knowledge in its applicants. Bitcoin knowledge is divided into six domains – which cover a total of 32 topics – that should be understood by a Certified Bitcoin Professional (CBP).

Michael Perklin, C4’s President says:

“While it’s getting easier to use every day, the fact is that Bitcoin can be difficult to use until you understand it, just like email was in the ’80s. However in this case it’s digital money instead of digital mail; if your company will be handling crypto currencies like Bitcoin, you’ll need staff and experts who know how Bitcoin works in order to ensure your funds are stored safely.”

While C4 is certifying existing professionals now, they are already working with schools and training companies to ensure their courses will cover the necessary material in order to prepare students for C4′s exams. Feedback from the community have been positive to date.

C4 has also been working on building the outline and question set for the certification exam. The company has been putting a lot of effort in coordinating operations along with several companies and institutions to ensure it stays current. C4’s advisory panel covers all areas of expertise within the Bitcoin industry.

For now, the institution only has opened the CBP, Certified Bitcoin professional, which basically cover knowledge about the Bitcoin blockchain, Bitcoin transactions, and how the Bitcoin network operates. A Certified Bitcoin Professional will be able to apply Bitcoin technology to their professional area of expertise and understand privacy aspects, double-spending, and other issues that relate to the currency.

Additional certifications such as the Certified Bitcoin Expert (CBX) will be available later this winter which will cover advanced technical knowledge required by developers and security professionals. The company hopes to be providing several other related certifications for alternative cryptocurrencies such as Ethereum in a near future.

Peter Todd, a Bitcoin Core Developer who recently completed the CBP exam said:

“I thought it was a very reasonable test of Bitcoin knowledge appropriate for the level of a Bitcoin Professional. I’m looking forward to the more in-depth Bitcoin Expert certification. The knowledge is so new that until now we didn’t have any way to measure it and that has created questions and doubts regarding security.”

The Digital currencies Industry is on a fast rise. The constant demand for qualified professional in the crypto currencies space is increasing at full pace. To keep up with this rising demand Universities and other teaching institutions will most likely be opening a whole set of specific cryptocurrency related certifications.

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Russia may ban cryptocurrencies by 2015 https://btcrumor.com/news/russia-may-ban-cryptocurrencies-2015 https://btcrumor.com/news/russia-may-ban-cryptocurrencies-2015#respond Fri, 19 Sep 2014 09:24:49 +0000 https://btcrumor.com/?p=534 Russia is set to become the latest country to restrict virtual currencies such as Bitcoin, after a top official announced that a law will be passed banning their exchange into real money by next spring due to their use by criminals and terrorists. “People can play with their chips, and…

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Russia is set to become the latest country to restrict virtual currencies such as Bitcoin, after a top official announced that a law will be passed banning their exchange into real money by next spring due to their use by criminals and terrorists.

“People can play with their chips, and they can call them money, but they can’t use these surrogate currencies as tender,” Deputy Finance Minister Aleksey Moiseev told journalists in Moscow.

“We will discuss this law in the current session of parliament, and possibly even pass it then, or at the very latest by spring next year. We are currently dealing with comments from the law enforcement agencies, about the specifics of legal measures, and we will take their remarks into account. But the overall concept of the law is set in stone.”

Although the draft of the proposed legislation has not been published, officials say they will open criminal proceedings against both: those who mint digital currency – usually with the help of powerful computers – and those who use them for transactions. The finance ministry has also asked regulators to ban access to exchanges and online stores that accept bitcoin.

In their notes explaining the reasons for the impending ban, Russian officials unleashed a familiar two-pronged attack on cryptocurrencies, the oldest of which, bitcoin, was launched five years ago. Law drafters say that virtual currency’s cross-border nature, transaction anonymity and lack of supervisory body makes it the perfect vehicle for illegal transactions – be it money laundering, buying illicit goods, rendering illegal services or funding terrorism. On the other hand, since it is not backed by any assets, cryptocurrency is liable to fluctuate wildly, so the ban would be a protective measure that would prevent people from losing money as a result of speculation.

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The move appears to be largely pre-emptive, as bitcoin and its iterations remain a rare novelty in Russia, at least insofar as being a conduit for legal transactions. Nonetheless, Russia’s Central Bank had already recommended that Russians be “wary” of using cryptocurrencies as far back as January. It was thought bitcoin might be given a reprieve this summer, when a senior Central Bank official said that “it’s quite possible cryptocurrencies are the future,” but that turned out to be no more than a soundbite.

Moiseev said that Russia “was following Europe’s lead” on virtual currencies, but while many financial bodies in Europe have dismissed or criticized bitcoin, it has not been outlawed entirely anywhere on the continent.

In fact, the only two countries that have explicitly criminalized cryptocurrencies are Bolivia and Ecuador, the latter of which plans to develop its own virtual currency. Nonetheless, the future of cryptocurrencies remains tentative, as many countries are waiting to see how the new financial trend develops before passing prohibitive legislation.

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