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Current News on Digital Currency

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Charts: Bitcoin's Golden Price Streak Comes to a Close FEATURE Bitcoin turned heads this month when its value exceeded the price of gold, but just weeks later, the digital asset has fallen off the pace. The digital currency  surpassed  the per-spot ounce price of gold on 2nd March, when it traded for $1,238 and gold was listed at $1,237 on the XAU/USD spot exchange rate provided by  Bloomberg Markets . The event marked the  second time  in history bitcoin was worth more than gold. This time round, bitcoin was trading high amid optimism that the SEC could soon approve a bitcoin ETF for retail investors. Still, bitcoin didn't enjoy this superior position for long. According to the  CoinDesk Bitcoin Price Index  (BPI), prices have fallen sharply since the  eventual rejection  – a trend that continued amid uncertainty about the future of its  technical roadmap . Days of glory Ov...
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Is India Banning Bitcoin?

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Banning Bitcoin Will See Government Losing out on Opportunities If the Indian government decides to ban Bitcoin, it may rob the country of a number of development opportunities in the financial sector. Read more... The Indian cryptocurrency community is eagerly awaiting for a response from the government’s  inter-ministerial committee  regarding the legality of Bitcoin and other virtual currencies in the country. The government, press and legal experts have been discussing the possible outcomes and what it could mean to the country’s cryptocurrency ecosystem. Some have mentioned that the committee will need more time to come to a conclusion regarding the matter at hand. At the same time, considering the worst-case scenario, they believe that a decision against virtual currencies will result in the closure of crypto-businesses in the country. As Bitcoin users hold their breath, the entrepreneurs in the sector  aren’t breaking a sweat . Being in an unregul...
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Warning: Cryptocurrency Scams Are Posing as China's Central Bank

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Cryptocurrency Scams Are Posing as China's Central Bank The People's Bank of China (PBoC) has issued a new warning alleging that cryptocurrency projects are misusing its name in an effort to defraud investors. Issued on 15th June,  the announcement  sought to make public the issue, while clarifying that  the central bank has not issued any digital currency or authorized any institution to do so. Adding to that, it reiterated that there is no digital currency marketing team at the PBoC, nor does the institution consider applications of the technology legal tender. The PBoC went so far as to warn Chinese consumers that so-called "digital currencies issued by PBoC" could be a part of a pyramid scheme. The PBoC concluded that: "We call on the public to establish a correct concept of money, cherish the RMB and maintain a normal circulation of RMB together." In broader context, the comments are the latest that find China's central bank step...
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Sweden's Land Registry: Legal Hurdles Could Slow Blockchain Use

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Sweden's Land Registry: Legal Hurdles Could Slow Blockchain Use Jonathan Keane   Could the technology that powers bitcoin be adapted for land titling? Sweden's land registry authority, the Lantmäteriet, seems to think so, and has emerged as one of the first national agencies to put its faith behind  the use case . While there is a steady stream of projects pairing blockchain startups with government agencies, the Lantmäteriet's work is perhaps distinguished by the steady progress it's shown so far. Working with startup ChromaWay and consultancy Kairos Future, as well as the SBAB and Landshypotek banks, the Lantmäteriet has been testing whether  private blockchains  can serve as a means of carrying out property transactions since last June. The goal, according to the authority's head of development, Mats Snäll, is to reinvent the way land titles are registered. He told CoinDesk: "[We] saw that this process was quite con...
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Illinois Eases Burden for Cryptocurrency Startups with New Guidance

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Illinois Eases Burden for Cryptocurrency Startups with New Guidance The financial regulatory arm of the state of Illinois has clarified its rules for digital currency companies operating in the state. Announced yesterday  by the Illinois Department of Financial and Professional Regulation (IDFPR), the completed regulatory guidance clarified that digital currency is not captured under the definition of money used in the state's Transmitters of Money Act (TOMA). The final announcement was published after nearly six months after the agency's  initial request  for comments. The guidance also clarified activities that are generally regarded as 'money transmission', including the exchange of digital currency for money through a third-party exchanger or an automated machine. Digital currency businesses whose practices meet these definitions will now need to secure a TOMA license. Other activities such as miners receiving digital currency for verifying tra...
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