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Swiss Government Says It's 'Swiftly' Developing Digital Currency Rules 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 fintech development in the country. CoinDesk reported in February that the government was moving to put  a legal framework  for fintech 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 these firms would not be covered under the country's deposit protect...

JPMorgan Denies Involvement with Blockchain Startup DIT Financial JPMorgan Chase has shot down claims of its involvement in a blockchain project publicized last week. A company called DIT Financial stated in a  press release  published on July 6, that it was working with JPMorgan on a project called DIT Wealth Chain. The headline of the press release states that the two companies are "[co-operating] to develop a new blockchain project." Further, the release contained a picture of an event with both firm's names on a presentation screen. Yet, when contacted for comment, a representative for JPMorgan said they had no involvement with, or knowledge of, the project. DIT Financial published a second press release on July 11, which, while this time making no reference to a relationship with JPMorgan, refers to "a new report from JPM." Yet the passage it quotes is actually sourced from a report  published in July 2016 , co-written with co...

US Accounting Standards Body Weighs New Digital Currency Rules The Financial Accounting Standards Board (FASB), a financial accounting standards body in the US, is reportedly considering whether to undertake a new initiative on digital currencies. According to  Reuters , the FASB – which sets accounting standards for publicly traded US firms – hasn't yet decided if it will develop new guidelines for companies dealing with bitcoin and other cryptocurrencies. However, the non-profit is apparently assessing whether it should begin that process following a request from the Washington, DC-based Chamber of Digital Commerce (CDC) – a trade organization for companies and groups working in the digital currency and  blockchain  space. In a  letter  to the board, dated June 8, CDC founder and president Perianne Boring argued that the lack of standards is creating a barrier for both investors and entrepreneurs: "The ab...

How to Sell Bitcoin Selling bitcoin isn't quite as straightforward as buying bitcoin, but fortunately SafeTechnologies is here to help. This guide will give you all the information you need to cash out your digital currency. When deciding how to sell your bitcoin, you first need to consider which method best suits your situation:  selling   bitcoin  online  or  selling bitcoin  in person . Each option has its own advantages and disadvantages. Selling bitcoin online Selling bitcoin online is by far the more common way of trading your bitcoin. There are now three ways to go about selling bitcoin online. 1. The first way involves a direct trade with another person, an intermediary facilitating the connection. 2. The second way is through an online exchange, where your trade is with the exchange rather than another individual. 3. New peer-to-peer trading marketplaces that allow bitcoin owners to obtain discounted goods with t...

EU Report: Digital Currency Use by Organized Criminals Is 'Rare' A newly released report from the European Commission suggests there is relatively little virtual currency use among organized crime groups. Calling cases involving organized crime and the tech "quite rare",  the report  was sent in late June from the European Commission (the European Union's executive arm) to the bloc's legislature as well as its body of national leaders. It was made public on July 4. The report's authors argued that technological limitations – a lack of expertise especially – is behind the apparent low usage rates. They concluded: "Few investigations have been conducted on virtual currencies which seem to be rarely used by criminal organizations. While they may have a high intent to use due to [virtual currencies] characteristics (anonymity in particular), the level of capability is lower due to high technology required." The report also notes tha...

Polish Regulators Warn Banks and Consumers on Cryptocurrency Risks A pair of Polish regulators said today that investors and banks should avoid dealing with digital currencies like bitcoin and ether. In  a joint statement , the Polish National Bank and the Financial Supervision Commission delivered a broad warning against investing in digital currencies, citing price volatility and the risk of fraud. The regulators clarified that cryptocurrencies – it identifies bitcoin, litecoin and ether – are not considered legal tender in Poland. While the statement itself does not outline any specific policy measures in light of the tech, it does state that financial institutions should avoid doing business with cryptocurrency exchange services "in particular with regard to the risk of exploitation of these entities for money laundering and terrorist financing", according to the statement. "The decision in this regard should be preceded by a thorough analysis of th...

Killing 'Cryptocurrency': Why It's Time to Retire the Term Tim Enneking is managing director at Crypto Asset Management, which oversees Crypto Asset Fund, a regulated US cryptocurrency trading fund. In this opinion piece, Enneking argues that the term "cryptocurrencies" is now outdated, and that new terminology is needed to describe the innovations being imagined and built in the blockchain industry. No, that headline is not a mistake. It’s not the cryptocurrencies themselves that should be killed off, but rather the term (hence the quotation marks). Labeling everything going on in the crypto world (space, ecosystem, universe: pick one) "currencies" is dead, passé, OBE… You get the idea. Two questions logically arise: First, why is the term dead and, second, if it's dead, what should replace it? As to the first, that's easy. There are two problems with applying the phrase "cryptocurrency" to what's going on in the...