Recapping the week’s biggest Bitcoins stories from around the web.
Following 2 years of analysis of the cryptocurrency technology and its impact on the financial services, PricewaterhouseCoopers issues “Money is no object: Understanding the evolving cryptocurrency market” report. As SaadAsad of 99bitcoins writes, PwC’s 17-page report identifies the key benefits of the cryptocurrency as well as the major players in the emerging markets. According the global leading auditing company, sooner or later, the financial sector will be transformed by the digital money due to the security and transparency of transactions deriving from the decentralized blockchain.
BitNexoconnects Chile and China using the bitcoin.Nikhil Gupta of NewsBtc reports that The Chilean-based startup uses the digital currency to facilitate seamless transfers between Latin America and Asia while mitigating the volatility risk. Currently, more than $26 billion is transferred between Chile and China, mainly via SMEs with global operations between the two countries.
Japanese court rules against personal losses due to the Mt. Gox bitcoin exchange collapse. According to Katherine Fletcher of Coin Report, the Tokyo District Court has ruled against a Kyoto man seeking reimbursement of 485 bitcoins, nearly 31million Yen, explaining that the bitcoin cannot be owned. According to the Japanese law, only “proprietorship of tangible entities that occupy space and which allow for exclusive control over them” is allowed. Therefore, Judge Masumi Kurachi ruled against the man as it is not possible to have exclusive control over the digital currency.
Australian parliamentary committee suggests that the bitcoin should first be used for the Goods and services tax (GST) in order to allow enough time for the Australian government to proceed with regulation. As Sarah Jenn of NewsBtc reports, according to the committee’s suggestions, the bitcoin should not be a taxable financial product yet. Additionally, the creation of a task force is necessary to monitor advancements and potential threats in the use of the bitcoin. Depending on the task force’s assessment, the bitcoin may be exempted from the Corporations Act regulations.
Thomas Curry requests a controlled supervision of the bitcoin regulation. As Jack McCarthy of Moneys Edge writes, the head of the Office of the Comptroller of the Currency (OCC) suggestsa methodical approach to the regulation of financial technology development.Curry stated that “As the industry continues to innovate, it’s important that regulators strike the right balance between encouraging responsible innovation and managing risk.”
The New York State Department of Financial Services (NYDFS) is receiving new BitLicense applications. As Pete Rizzo of Coin Desk reports, 22 new filings were received by the NYDFS from firms interested in engaging in the virtual currency business activity in the New York state. According to Matt Anderson, NYDFS deputy superintendent for public affairs, this is considerable interest of the firms in complying with the BitLicense and, in the long-term, the BitLicense will facilitate the broad adoption of the cryptocurrency technology by businesses and consumers.
Coinbase files for BitLicense. As Elliot Maras of CryptoCoins News writes, the leading bitcoin wallet has applied for BitLicense seeking regulatory approval. According to a Coinbase spokesman, the company has implemented a multi-state licensing strategy for about 2 years and now they“look forward to getting fully licensed and continue to serve consumers, merchants and developers across the U.S.”
Coinsetter files for BitLicense. According to Jessie Willms of BitcoinMagazine, Coinsetter is following a different path than Kraken, BitFinex, Poloniex,BitQuick and Local Bitocoins that all decided to stop catering to New York residents because of BitLicense. Jaron Lukasiewicz, Coinsetter CEO, stated that the company aims to “make sure New York residents continue to have a high-quality bitcoin exchange available to them.”
Coinify acquires Coinzone. As Duncan Riley of Silicon Angle writes, Coinify, the Danish-based bitcoin payment processing platform, has been focusing on the European market since 2014 aiming to deliver a seamless experience in bitcoins transactions both for users and merchants. Coinzone, the Amsterdam-based leading bitcoin payment solution provider has gained an early mover’s advantage in the European bitcoin community by protecting all transactions under European Data Privacy Laws. The price of the acquisition remained undisclosed.